Germany’s Hamburger Hafen und Logistik AG (HHLA) has completed the acquisition of Estonia’s largest terminal operator, Transiidikeskuse AS (TK).
The last conditions that the sales contract dated 26 March 2018 was subject to were recently fulfilled, resulting in all shares in Transiidikeskuse AS being transferred to HHLA International GmbH. As a result, the transaction has now been completed.
Chairwoman of HHLA’s Executive Board, Angela Titzrath, made this comment during a visit to the Estonian capital of Tallinn: “We’re delighted that the takeover has now been completed. This will allow us to successfully advance the ongoing integration of TK into the HHLA Group. We see great potential in the Port of Muuga, as well as in the entire regional market, and we are determined to make the most of it with the help of TK’s highly motivated workforce. The takeover of TK is a first successful step in the implementation of our strategy. Hamburg and Tallinn share a long history as Hanseatic cities. We wish to revive this spirit, not least to generate growth in our core market.
Anatoli Kanajev, member of TK’s Supervisory Board said: „I am confident that such a well-established and experienced operator as HHLA will have a lot to contribute to the further innovation and growth of TK. I am also certain that TK will continue providing highest quality services to its clients, now as part of an international group.“
The HHLA Executive Board discussed the next steps of the integration with those responsible at TK. The former CEO of TK, Vladimir Popov, and the CFO, Helena Hakkinen, will continue to be responsible for the company’s successful development.
Angela Titzrath met with Estonia’s Minister of Economic Affairs, Kadri Simson, during her visit to Tallinn. Simson welcomed HHLA’s commitment to the Port of Muuga, saying that it made the site stronger and supported the government’s efforts to attract European investors to the country. Titzrath reported on the positive response of numerous HHLA customers to the takeover. She said that Muuga offered a great deal of potential as a European port, and that with their expertise in terminal operation, HHLA wanted to lead the facility further into a successful future as part of a logistics network.
The Port of Muuga is the main port in Estonia and an important maritime location in the Baltic region.
The company newly acquired by HHLA is the clear market leader in container handling in the Baltic country and also operates a multipurpose terminal for break bulk, bulk and RoRo handling. The location is developing into a multimodal hub as a result of regional infrastructural projects (such as the Rail Baltica project). With the purchase of Transiidikeskuse AS, HHLA is expanding its regional diversification.