Contship Italia has signed an agreement to sell its 50% stake in CSM Italia Gate to Itaterminaux, a fully controlled subsidiary of Terminal Investment (TiL).
CSM Italia Gate owns 100% of Medcenter Container Terminal (MCT), which is the concessionaire of the container terminal activities in the port of Gioia Tauro in Italy.
TIL, which already owns 50% of CSM Italia Gate, will hold 100% stake following the acquisition and will indirectly control all the shares of MCT.
TIL and Contship Italia worked for many years and could now execute the share purchase agreement.
The companies have not disclosed financial terms of the transaction, for which regulatory approvals are still pending.
Contship Italia said in a statement: “Contship Italia expresses its gratitude to all MCT employees, customers, suppliers and partners, including TIL, who supported the container terminal activities in Gioia Tauro, whose operations were started by Contship 24 years ago.”
The companies launched negotiations with regard to the sale last month. During that period, Contship Italia appointed a law firm to speed up the deal.
An independent financial advisor was also appointed to express the correct value of the terminal activity and assets.
Since 1995, MCT is a Contship Transhipment Hub in Gioia Tauro, a mega-port with equipment, 3.4km of linear quay, and water depth reaching 18m chart datum.
Transhipment operations at the terminal are carried out regularly on three mega vessels simultaneously, often with direct Mother-Feeder transfer.
TIL invests in, develops and manages container terminals across the globe, often in joint ventures with other major terminal operators.