Under the terms of the LOI, the 100% enterprise value of Kotug Smit Towage is estimated at $340m. Boskalis expects to receive approximately $103m in cash for its 50% equity stake in the joint venture.
Boskalis and Kotug formed the Kotug Smit Towage joint venture in 2016 which at the time covered 11 ports in 4 countries - the Netherlands, Belgium, Germany and the UK. Since then the joint venture has expanded its presence into new ports and realised efficiency savings.
Boskalis and Kotug are of the opinion that a further consolidation of the European harbour towage market would be beneficial, a vision shared by Boluda.
The origins of Boluda go back to 1837 and their tug boat business was founded in 1920 in Valencia, Spain.
Today, the family-owned company is the leading operator in the Spanish and French market with a fleet of over 230 vessels holding an international position in the main ports of Europe, Africa, the Indian Ocean and Latin America.
The combination of Kotug Smit Towage and Boluda is subject to customary conditions including a due diligence and approval from regulatory agencies in the respective countries involved.
The transaction is expected to close in the second half of 2019.