Photo: Noatum Ports
The Hong Kong-based COSCO SHIPPING Ports is eyeing 51% stake in Noatum Ports, effectively taking over two sea container as well as two inland rail terminals in Spain.
The completion of the transaction is subjected to shareholder as well as regulatory approvals. Once in place, the deal will cover the Noatum Container Terminal Valencia, the Noatum Container Terminal Bilbao, the Conterail intermodal terminal at Madrid's Puerto Seco de Coslada, and the Noatum Rail Terminal Zaragoza.
However, the agreement does not cover Noatum Ports' 45% stake in the sea container terminal OPCSA Las Palmas, as well as Noatum Maritime which runs several other port cargo facilities across Spain (in Castellon, Bilbao, Cartagena, A Coruña, Ferrol, Tarragona, Malaga, Barcelona, Santander, and Sagunto).
"With this agreement Noatum Ports commences a new phase of development with COSCO SHIPPING Ports Limited, a strategic partner, which is a reference in port operations and an important investor in port terminals worldwide. The new partnership enhances our capacity to increase cargo volumes and reinforces the ports of Valencia and Bilbao, as well as improving service levels to customers," Douglas Schultz, CEO of Noatum Ports and Maritime, commented.