APM Terminals finds buyer for its assets in Russia
APM Terminals, a dedicated subsidiary of A.P. Moller-Maersk, has entered into an agreement to divest its 30.75 per cent shareholding in Global Ports Investments (GPI) to long-standing partner Delo Group.
Following the announcement of Maersk’s commitment to discontinue activities in Russia earlier this year, APM Terminals (APMT) has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75 per cent shareholding in Global Ports Investments (GPI) to APMT’s long-standing joint venture partner Delo Group who also owns 30.75 per cent of the shares in GPI.
According to the Delo Group, the parties entered into the transaction on agreed market terms. It includes the possibility for APMT to return to doing business with the group in the future. Moreover, the deal must be approved by the Russian regulatory authorities.
No more assets in Russia
With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets in the country. “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,” said Keith Svendsen, CEO of APM Terminals.