The acquisition is funded through a $291m cash consideration, around 18% of the enlarged share capital of GPI in new shares, and assumption of over $700m of debt and outstanding interest from NCC and its related parties.
NCC Group's container terminals on the Baltic Sea will expand GPI's existing 30% share of container throughput in Russia, adding their 100% ownership of First Container Terminal in St. Petersburg and Logistika-Terminal, an inland terminal close to St Petersburg, as well as 80% ownership of the new Ust-Luga Container Terminal in the port of Ust-Luga to the West of St. Petersburg.
After the acquisition, GPI intends to increase capacity, improve efficiency and simplify port calls in the region. The enlarged group's available capacity will be around 1.12m teu, enabling it to accommodate expansion.
NCC Group handled 1.69m teu in 2012 and has capacity to expand its capabilities to market demand; 2012 revenues totalled $253m with adjusted EBITDA of $164m.
Nikita Mishin, chairman at Global Ports commented, "By acquiring NCC Group and bringing the two companies together, Global Ports confirms its market leadership and creates a company with an enviable position in the high-growth Russian container market. NCC Group is not only considered to be one of the best container terminal operators in Russia and Eastern Europe, it is also highly profitable with a track record of more than 10 years of excellent performance."
APM Terminals is a co-controlling shareholder in GPI along with Transport Holding International Ltd.
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