A.P. Moller-Maersk divests its share in Global Ports
A.P. Moller-Maersk's (Maersk) terminals business, APM Terminals (APMT) has entered into an agreement to divest its 30.75% shareholding in Global Ports Investments plc (GPI) to long-standing partner Delo Group, according to the company's release.
Following the announcement of Maersk's commitment to discontinue activities in Russia earlier this year, APMT has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75% shareholding in GPI to APMT's long-standing joint venture partner Delo Group who also owns 30.75% of the shares in GPI. The transaction has been undertaken on an arm's length basis and includes an ability for APMT to re-enter the partnership with Delo in the future.
"We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia", says Keith Svendsen, CEO of APM Terminals.
With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets it the country. The transfer of share ownership takes place after regulatory approvals have been obtained.
A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers' supply chains. As the global leader in shipping services, the company operates in 130 countries and employs around 95,000 people.
APM Terminals is part of A.P. Moller-Maersk and operates one of the world's most comprehensive port networks.
Global Ports Investments PLC is the largest container terminal operator in the Russian market. The Group owns and operates 7 marine container and multipurpose terminals in two key marine container gateways. The Group's main business is container handling. In addition, the Group handles a number of other types of cargo, including bulk, cars and other types of roll-on roll-off cargo.
