Earlier in September, APM Terminals had signed an agreement with Perez y CIA to acquire their majority share of about 61% in Grup Maritim TCB.
The transaction is valued at nearly $1bn with expected capital expenditure of $400m over the next five years.
Subject to relevant approvals and on satisfying certain conditions, the transaction is expected to be completed in early 2016.
Under the terms of the agreement, APM Terminals will acquire 11 container terminals with an annual capacity of 4.3mTEUs and an estimated annual container volume of 3.5mTEUs.
Grup Maritim TCB’s portfolio consists of Spanish container terminal concessions in Barcelona, Valencia and Castellon, on the Mediterranean coast, along with the concessions in Gijon, on the Bay of Biscay, and in the Canary Islands: Santa Cruz on Tenerife and Santa Cruz on La Palma.
The company also has terminal operations in Izmir, Turkey; Yucatan, Mexico; Quetzal, Guatemala which is currently under construction, opening 2016; Buenaventura, Colombia, on the Pacific Coast; and Paranagua, Brazil.
APM Terminals CEO Kim Fejfer said: “The complementary expertise and market geography of the Grup Maritim TCB portfolio will enable us to bring more value to our clients, achieve our growth ambitions and further diversify our global portfolio.”
The acquisition is expected to help APM Terminals establish a stronghold in Spain while strengthening its position in Latin American markets, generating immediate positive profit and loss and cash flow contributions.
The acquisition will increase APM Terminals’ number of operating facilities to 74 in 40 countries across five continents.