SAAM reaches agreement to acquire tugs from Starnav in Brazil
SAAM achieved a new milestone for its Towage Division on May 6 after signing an agreement with the Brazilian company Starnav to acquire 17 tugs currently operating in Brazil. The deal also involves the purchase of four additional tugs presently under construction.
The transaction was valued at US$150 million for the 17 active tugs, all state-of-the-art, flexible, high-capacity vessels. Another US$48 million will be disbursed for four tugs under construction.
Once regulators sign off on the deal, SAAM Towage Brazil will take over the debt for the operational tugs and those under construction, which will be deducted from the price paid to Starnav.
Once the purchase has been completed, SAAM Towage Brazil can upgrade part of its current fleet and will boast one of the most competitive, most modern fleets in that country.
The announcement comes on the back of recent agreements to acquire the towage businesses operated by Ian Taylor in Peru and Standard Towing and Davies Tugboats in Canada, thereby strengthening the Towage Division’s offering in Brazil and worldwide. SAAM Towage provides services at over 80 ports in the Americas, completing more than 110,000 maneuvers for 37,000 vessels each year.
This deal is subject to approval from the appropriate regulators in Brazil and compliance of other conditions that are customary for this type of transaction.
SAAM is a multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics. With 60 years in business, SAAM has operations in 14 countries in North, Central and South America, creating jobs for more than 8,500 employees. It is the leading provider of towage services in the region and one of the largest port operators in the Americas.
