Boskalis and Kotug sign LOI to sell Kotug Smit Towage to Boluda
04 Mars 2019 - 7:30AM
Papendrecht, 4 March 2019
Royal Boskalis Westminster N.V.
(Boskalis), together with its co-shareholder Kotug International
B.V. (Kotug), has signed a letter of intent (LOI) relating to the
sale of Kotug Smit Towage to Boluda Group (Boluda). Under the terms
of the LOI, the total (100%) enterprise value of Kotug Smit Towage
is valued at EUR 300 million. Boskalis expects to receive
approximately EUR 90 million in cash for its 50% equity
stake in the joint venture.
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. Boskalis and Kotug are of the opinion that a further
consolidation of the European harbor towage market would be
beneficial, a vision which is shared by Boluda.
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 hold 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
intended transaction attractive for all stakeholders.
This agreement is subject to customary conditions
including a due diligence and approval from regulatory agencies in
the respective countries involved. The transaction is expected to
close in the second half of 2019.
For further information
Investor relations:
Martijn L.D. Schuttevâer
ir@boskalis.com
Press:
Arno Schikker
press@boskalis.com
T +31 78 6969310
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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