Dutch-based Boskalis has signed a deal with towage company SAAM S.A. in Chile to sell its equity share in the joint venture, SAAM SMIT:
The deal has a value of USD 201 million which Boskalis expects to receive for its equity stake, writes Boskalis in a press release.
SAAM SMIT was founded in 2014, and back then they covered various towage activities in Brazil, Panama, Mexico and Canada.
Since then, the joint venture has successfully expanded the activities, and the competitive market environment has become fiercer. As a result of these factors, the partners agreed that the sale of Boskalis' stake to SAAM would be most beneficial for both parties going forward.
SAAM S.A. is described as the leading towage company in South America, where SAAM SMIT has the major part of its activities.
The deal is subject to approval from regulatory agencies in the respective countries involved. Still the companies expect to close the deal in the second quarter of 2019.
English Edit: Lisa Castey Hall Nielsen