COSCO Shipping Ports' Spanish subsidiary has signed a sale and purchase agreement with TPIH Iberia to purchase 51% shares in Spain's Noatum Port Holdings (NPH) for an estimated sum of €203.49m.
The deal will see COSCO SHIPPING Ports (Spain) and TPIH hold 51% and 49% shares in NPH respectively upon completion.
NPH will then become a subsidiary of COSCO SHIPPING Ports under the agreement, and is expected to help build a more efficient logistics chain for operators and shippers.
The proposed arrangement is also expected to help COSCO SHIPPING further improve its overseas port network, and strengthen the control and management of its ports and terminals, as well as other benefits.
NPH is currently involved in the development, operation and management of container terminals in the ports of Valencia and Bilbao in Spain.
The company’s main assets at both the ports include Noatum Container Terminal Valencia (NCTV) and Noatum Container Terminal Bilbao (NCTB), in addition to the two rail yard companies Conterail Madrid and NRTZ Zaragoza.
NCTV is the largest container terminal in the port of Valencia, which is currently one of three major container ports in the Mediterranean and acts as the main gateway to the Iberian Peninsula and the natural port of Madrid.
NCTB is the only container terminal in the port of Bilbao and is operated by NPH.
The modernised container terminal is situated in the Atlantic region of Southern Europe, and offers an ideal gateway for container shipping to the Iberian Peninsula and South western France.
NPH assets at the ports of Valencia and Bilbao will be able to improve the connection between the hinterland and the coastal regions.
Image: Overview of a port terminal. Photo: courtesy of CHINA COSCO SHIPPING.