M&As this week: Cosco Shipping, Trident Maritime Systems

18 August 2016 (Last Updated August 18th, 2016 18:30)

Cosco Shipping, a company based in China, has completed the acquisition of a 67% stake in OLP, a company based in Greece, for $409m in a deal that was approved by the Greek Parliament last month.

Cosco Shipping, a company based in China, has completed the acquisition of a 67% stake in OLP, a company based in Greece, for $409m in a deal that was approved by the Greek Parliament last month.

The deal gives Cosco majority ownership in OLP, and access to run the Piraeus port in Greece, which is operated by OLP, until 2052.

"Cosco has been managing two main container terminals at the port under a 35-year concession contract signed in 2008."

Cosco has been managing two main container terminals at the port under a 35-year concession contract signed in 2008, and plans to invest $326m to expand the facilities and create a car space at the port.

Trident Maritime Systems is set to acquire Callenberg Technology Group, based in Sweden, from Wilhelmsen Maritime Services for a consideration of $64m.

A definitive agreement has been signed in this regard to pay $41m in cash and a seller-financing package of $23m later this year.

Trident, which is a part JF Lehman & Company, believes the acquisition will provide complementary systems and capabilities to its platform that will help improve its services.