GPH buys stakes in three Italian cruise terminals

31 January 2017 (Last Updated January 31st, 2017 18:30)

Turkey-based Global Ports Holding (GPH) has purchased stakes in companies managing cruise ports in Italy for an undisclosed sum, comprising sites in Sardinia, Sicily, and Emilia-Romagna.

Turkey-based Global Ports Holding (GPH) has purchased stakes in companies managing cruise ports in Italy for an undisclosed sum, comprising sites in Sardinia, Sicily, and Emilia-Romagna.

The three ports were previously owned by Royal Caribbean Cruises, Aloschi & Bassani and Bassani Ravenna respectively.

Royal Caribbean will retain a minority stake in all three companies under the deal, while the Cagliari, Sardinia; Catania, Sicily and Ravenna, Emilia-Romagna ports will remain part of Royal Caribbean’s cruise itineraries.

Global law firm Watson Farley & Williams (WFW) has advised GPH during the course of the negotiations.

"That such a leading industry player as GPH opted for WFW to advise them on both matters demonstrates the firm’s respected and expanding presence in the cruise sector."

Watson Farley & Williams Milan asset finance partner Francesco Dialti said: “I am delighted to have advised GPH for the second time on new cruise terminal acquisitions, following two significant stakes in Venice’s cruise terminal in July 2016.

“That such a leading industry player as GPH opted for WFW to advise them on both matters demonstrates the firm’s respected and expanding presence in the cruise sector, both worldwide and in Italy specifically.”

Established in 2004, GPH currently operates a portfolio of 14 ports in eight countries in the Mediterranean and Asia-Pacific regions, as well as commercial port operations in Turkey and Montenegro.

The port operator handles more than 3,000 calls annually from all cruise lines, and provides services for over 7.5 million passengers in the Mediterranean annually.