SAAM shareholders at an extraordinary shareholder’s meeting on Tuesday approved a deal valued at about $1 billion to sell 100% of the shares of its subsidiaries SAAM Ports and SAAM Logistics, as well as the real estate assets belonging to the logistics business, to the German liner shipping company Hapag-Lloyd.
The agreement, first announced earlier this month, consists of selling SAAM’s stakes in the 10 port terminals it operates in six countries in the Americas (five are in Chile), along with the ground logistics business, which includes bonded warehouses in Iquique, Valparaíso and San Antonio and other properties where SAAM Logistics currently operates.
Macario Valdés, SAAM CEO, said, "It is good news that our shareholders overwhelmingly approved the transaction. It reaffirms that the deal is attractive and that, once completed, it will allow us to strengthen SAAM Towage's growth strategy and leadership position in towage and expand the air cargo business with Aerosan."
SAAM said it estimates that the process will be completed in another six to nine months. The deal must first be approved by regulators and contractual conditions must be met.