Boskalis and Kotug complete sale of Kotug Smit Towage to Boluda
01 Août 2019 - 12:07PM
Boskalis and Kotug complete sale of Kotug Smit Towage to Boluda
Papendrecht, 1 August 2019
Royal Boskalis Westminster N.V. (Boskalis), together with its
co-shareholder Kotug International B.V. (Kotug), have completed the
sale of Kotug Smit Towage to Boluda Group (Boluda). The intended
sale was announced on 4 March 2019. In line with the initial
announcement, Boskalis received EUR 93.6 million in cash
for its 50% equity stake in the joint venture resulting in a book
gain of EUR 15 million which will be reflected in the first half
year. The cash inflow will be reflected in the third quarter whilst
the activities and results of Kotug Smit Towage were deconsolidated
as per 1 April 2019 following the signing of the Letter of
Intent.
The Kotug Smit Towage joint venture between Boskalis and Kotug
was formed in 2016 which at the time covered 11 ports in 4
countries (the Netherlands, Belgium, Germany and the United
Kingdom). Since then the joint venture has successfully expanded
its presence into new ports and realized efficiency savings. The
origins of Boluda go back to 1837 and their tug boat business was
founded in 1920 in Valencia, Spain. Today, the family-owned company
is the leading operator in the Spanish and French market and with a
fleet of over 230 vessels holds an important international position
in the main ports of Europe, Africa, the Indian Ocean and Latin
America. The combination of Kotug Smit Towage and Boluda is highly
complementary making this transaction attractive for all
stakeholders.
Royal Boskalis Westminster N.V. is a leading global
services provider operating in the dredging, maritime
infrastructure and maritime services sectors. The company provides
creative and innovative all-round solutions to infrastructural
challenges in the maritime, coastal and delta regions of the world.
Core activities, including coastal defense, riverbank protection
and land reclamation, allow Boskalis to provide adaptive and
mitigating solutions to combat the impacts of climate change, sea
level rise and to deliver solutions for the increasing need for
space in coastal and delta regions in the world. The company
facilitates the development of offshore energy infrastructure,
including renewables. It is furthermore active in the construction
and development and maintenance of ports, waterways, access
channels and civil infrastructure, contributing to improved trade
flows and the socio-economic development of a region. In addition,
Boskalis is a global marine salvage expert and has a number of
strategic partnerships in harbor towage and terminal services
(Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit
Lamnalco). With a versatile fleet of more than 900 vessels and
floating equipment and 10,700 employees, including associated
companies, Boskalis is building new horizons in 90 countries across
six continents.
- Kotug Smit Financial Close ENG Final