The Netherlands: Boskalis, SAAM Sign MoU
Royal Boskalis Westminster N.V. (Boskalis) announces that it has signed a Memorandum of Understanding (MoU) with Sudamericana Agencias Aereas y Maritimas S.A. (SAAM) for a joint harbour towage operation within the American Continent.
The partnership would involve two joint ventures and is between SMIT, a wholly owned subsidiary of Boskalis, and SAAM.
The geographic scope of the first joint venture covers the Brazilian towage market. Both companies are currently active in Brazil and Boskalis with SMIT will have a 51% majority share in this joint venture. The combination with a total of 41 tug boats will form an important player in the growing market of Brazil.
The second joint venture in which SAAM will hold a 51% majority stake relates to the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The combination will operate a total number of 55 tug boats.
The joint operation between SMIT and SAAM will create a leading provider of towage services in Central and South America. Besides operational synergies, the joint operations will also strengthen the market position of the combined companies.
The total value of the SMIT and SAAM assets respectively that will be contributed to the combined joint ventures is comparable. The implementation of the MoU is subject to certain customary conditions including a due diligence process and approval from regulatory agencies in the respective countries involved.
Press Release, April 11, 2013