Contship Italia SpA has sold its 50 percent share in the southern Italian port of Gioia Tauro, which includes the Medcenter Container Terminal (MCT).
A press release said: "Contship, a fully controlled subsidiary of Terminal Investment Ltd (TIL) have executed a share purchase agreement concerning the sale of 50% of CSM Italia Gate S.p.A., the company which owns 100% of MCT."
MCT is the concessionaire of the container terminal activities in the port of Gioia Tauro and TIL already owned 50% of CSM Italia Gate S.p.A.
The parties involved are not disclosing terms. Regulatory approvals are still pending.
At closing, TIL will own 100% of CSM Italia Gate S.p.A. and will indirectly control all the shares of MCT.
Contship Italia S.p.A. expresses its gratitude to all MCT employees, customers, suppliers and partners, including TIL, who supported the container terminal activities in Gioia Tauro, whose operations were started by Contship 24 years ago.
TIL is grateful to Contship Italia S.p.A. for the excellent cooperation over many years and during the negotiations leading to the execution of the share purchase agreement.
Maurizio Delfino, Stanislao Chimenti e Luca Leonardi of Delfino e Associati Willkie Farr & Gallagher LLP have assisted Contship Italia while Carlo Grignani, Alberto Torrazza ed Ekaterina Aksenova of NCTM have assisted TiL.