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We saw two major acquisitions from logistics firms over the past few days: AD Ports’ logistics arm Noatum acquired a Spanish terminal to expand operations in Castellón, while Gulf Navigation snapped up Polimar Holding’s stake in its maritime services subsidiary.
#1- AD Ports’ logistics arm Noatum has acquired 100% of APM Terminals Castellón in Spain for EUR 10 mn, as it looks to consolidate operations in Spain, according to an ADX filing (pdf). The company has regulatory clearance for the transaction.
The acquisition will see Noatum expand its bulk, general cargo, and container processing capacities in Spain while continuing to provide APM Terminals’ third-party services, the statement said.
Background: Noatum has already been managing a multipurpose terminal in Castellón since 2004 and recently upgraded the terminal.
The acquisition hands it control of the 250k sqm terminal at Castellón, with the two terminals having the capacity to 250k TEUs (20-foot equivalent units) per year, making up 70% of container volume capacity at Castellón’s port. The terminals can handle 2 mn tonnes of bulk cargo and roll-on, roll-off cargo, and have direct rail links to the MENA region, the statement says.
Covering their bases: Noatum also said it has reached a long-term agreement with an unnamed stevedoring union with an eye to maintaining stable operations over the coming years, the statement added.
BACKGROUND- AD Ports Group finalized its acquisition of Noatum, which was initially announced in November 2022, back in July 2023 after receiving clearance from the European Commission earlier in 2023. The 100% acquisition was valued at EUR 660 mn.
Noatum is investing big in Spain: The company also moved to acquire Spanish trucking company Sesé Auto Logistics in October 2023. The move is expected to be finalized in 1Q 2024.
#2- GulfNav acquires Gulf Navigation Polimar: Dubai-based maritime and shipping company GulfNav has bought out minority investor Polimar Holding’s 40% stake in its maritime services subsidiary Gulf Navigation Polimar Maritime, according to a press release published last Wednesday. The move hands GulfNav full ownership of the subsidiary, the statement says. The acquisition was valued at USD 1 mn, according to a disclosure (pdf) to the Dubai Financial Market. Polimar is a Turkish company.
Gulfnav’s plans for the company: The company is looking to expand the scope of the subsidiary’s operations to provide more integrated logistics solutions, the DFM disclosure said.
ALSO- An update on its proposal to acquire BPGIC: Separately, GulfNav submitted a proposal detailing the structure of an acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company (BPGIC) to the Securities and Commodities Authority. The company had submitted a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023.
Discussions between Brooge Energy and Gulfnav are ongoing, with the pair working with advisors to complete an evaluation of the transaction and obtain regulatory approvals, GulfNav said in an update attached to its statement. The acquisition was initially expected to close in 4Q 2023.
