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ICTSI acquires Mexico’s container terminal operator

ICTSI acquires Mexico’s container terminal operator
Manila-based International Container Terminal Services Inc (ICTSI) has acquired Mexico’s port operator Terminal Maritima de Tuxpan (TMT) for $55.4m.

ICTSI announced to the stock exchange that the 100% acquisition of TMT was made from Mexico’s logistics and transportation firm Grupo TMM SAB (TMM) and its subsidiary Inmobiliaria TMM SA de CV (ITMM).

ICTSI will pay in cash for the purchase of TMT’s entire stake of 147,688 shares priced at $369.02 apiece.

TMT currently has a concession to construct and operate a container terminal in Tuxpan port, and is the owner of the real estate where the terminal will be constructed.

“The project is expected to increase ICTSI’s consolidated throughput and revenue and positively contribute to the financial performance of the company,” ICTSI said in its statement.

Earlier this month, ICTSI has been asked by the Greek government to submit binding bids by September for a majority stake in the country’s biggest port, Piraeus. It will compete with China’s Cosco Pacific and Denmark’s APM Terminals.

TAGS: Asia Ports ICTSI