The shipping group Boluda Maritime Corporation "has signed a letter of intent (LOI) for the acquisition of the company Kotug Smit Towage, which operates in countries of the North Sea (United Kingdom, Netherlands, Belgium and Germany) to acquire all the shares of the company, valued at 300 million euros, "the multinational said in a statement on Tuesday.
For it, Boluda Maritime Corporation is in talks with the companies Kotug International BV and Royal Boskalis Westminster NV so that the Spanish multinational acquires 100% of the shares that both companies have equally in the tow company Kotug Smit Towage, created in 2016. "In these negotiations the pre-agreement that Kotug and Boskalis have reached to sell their towing company to the Boluda business holding company has been fundamental, "the note says.
The agreement, scheduled for the second half of 2019, is subject to the approvals of the national, regulatory and competition authorities of the United Kingdom, the Netherlands, Belgium and Germany.
This acquisition would involve the presence of Boluda holding in important ports such as the British in London, Liverpool and Southampton; the Dutch of Rotterdam, Flushing and Terneuzen; the Belgians of Bruges-Zeebrugge, Antwerp and Ghent, and the Germans of Hamburg, Bremen and Wilhelmshaven (in the latter three Boluda has already operated since the company Urag was acquired in 2017).
"Boluda shares with Boskalis and Kotug the strategic vision of a greater consolidation of the European port towing market, so this acquisition, which is highly synergistic, is attractive to all interested parties," the note adds.
Boluda, a family company founded in Valencia in 1920, is the leader in the towing sector in Spain and France and the second company in the world. It has a fleet of about 250 tugs distributed in 81 ports in Latin America, the Caribbean, Spain, France, Germany, the west coast of Africa and the Indian Ocean.
With this operation, Boluda becomes the world leader in towing activity, with presence in 93 ports of the world and a fleet of 320 tugboats.