Chilean logistics company SAAM has struck a deal to buy Intertug Investment Holding, a towage services company with operations in Colombia, Mexico and Honduras.
SAAM will spend $54.5 million for 70% of Intertug, based on an enterprise value of $98 million, and carry out the acquisition through a capital increase and a share purchase, it said in a stock market exchange announcement.
Intertug's 25-vessel fleet logs more than 18,000 maneuvers a year, generating around US$44 million in towage service revenue annually.
The partnership with Intertug allows us to enter Colombia, one of the fastest-growing economies in Latin America, and to reinforce our presence in Mexico and Central America,” said Macario Valdés, SAAM’s CEO.
The executive also explained that “this transaction is consistent with our growth and internationalization strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama, and our recently announced entry into El Salvador. Therefore, we will continue to strengthen the service we provide our customers by integrating SAAM Towage’s single operating model and broad coverage with our partners’ recognized experience in the local market”.
SAAM Towage continues to consolidate its position as the largest tug operator in the Americas and one of the leading providers in the world; with this purchase, it will operate a fleet of more than 170 tugs in 11 countries.
This agreement is subject to approval from regulatory authorities and compliance of other conditions that are customary for this type of transaction.