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SAAM Towage buying 70% stake in Intertug

Chile-based SAAM Towage has inked an agreement with the shareholders of Intertug Investment Holding, a tugboat service company in Colombia, Mexico and Central America, to acquire 70% of the company.

The acquisition sees SAAM enters the Colombian tugboat market, consolidate its position in Central America and grow in the Mexican market. The deal will be carried out through a combination of a capital increase and a purchase of shares.

Intertug has more than 25 years of experience providing port towage, offshore and special services in Colombia, Mexico and Central America. It has a fleet of 25 vessels, performs more than 18,000 operations per year, generating annual sales for tug services of about $44m.

"The partnership with Intertug allows us to enter Colombia, one of the fastest growing economies in Latin America, and strengthen our presence in Mexico and Central America," said SAAM General Manager Macario Valdes.

 "This transaction is consistent with our growth and internationalisation strategy and is complemented by the acquisition of 100% of the operations in Canada, Mexico, Brazil and Panama and the recently announced entry into El Salvador. Thus, we will continue to strengthen our service to our clients through the integration of SAAM Towage's unique operational model and broad coverage with the recognized local market experience of our partners," he added.

SAAM Towage continues to consolidate its position as the largest tugboat operator in the Americas and one of the leading operators globally; with this purchase it will have a presence in 11 countries and a fleet of more than 170 tugs.

The agreement is subject to the approval of the regulatory authorities and the fulfillment of other usual conditions for this type of operations.