Boskalis signs deal to sell its equity stake in SAAM SMIT Towage for USD 201 million
11 Février 2019 - 7:30AM
Papendrecht, 11 February 2019
Royal Boskalis Westminster N.V.
(Boskalis) has signed an agreement with SAAM S.A. (SAAM) relating
to the sale and purchase of the equity stake held by Boskalis in
SAAM SMIT Towage. Under the terms of the agreement, the total
(100%) enterprise value of SAAM SMIT Towage is valued at USD 560
million. Boskalis expects to receive USD 201 million in cash for
its equity stake in the joint venture.
The towage joint venture between Boskalis and SAAM
was formed in 2014 which at the time covered the respective towage
activities in Brazil, Panama, Mexico and Canada. Since then, the
joint venture has successfully expanded its presence and realized
efficiency savings and commercial synergies. In joint discussions
on how to most effectively respond to the more competitive market
environment, Boskalis and SAAM came to the conclusion that an
outright sale of Boskalis' share to SAAM would be most beneficial
for both parties.
Boskalis will report its 2018 full year results on
7 March 2019. Boskalis expects these results to include an
impairment on its interests in its Harbor Towage joint ventures of
approximately EUR 200 million. This includes the reported
impairment from the first half year and the effects of this
transaction.
This agreement is subject to the approval from
regulatory agencies in the respective countries involved. The
transaction is expected to close in the second quarter of 2019.
This is a
Boskalis press release on the grounds of article 17 paragraph 1 of
the European Market Abuse Regulation (596/2014).
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.
pdf version press release
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Koninklijke Boskalis Westminster N.V. via
Globenewswire
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