A.P. Moller Capital strikes deal for Mitsui’s Portek

A.P. Moller Capital has lined up another port acquisition, agreeing to take full control of Singapore-based terminal operator Portek International from Japanese trading house Mitsui & Co.

The Copenhagen-based infrastructure investor will acquire 100% of Portek through its Emerging Markets Infrastructure Fund II. Financial terms have not been disclosed.

Founded in 1988, Portek has interests in seven terminals spread across Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam. Its portfolio includes Bejaia Mediterranean Terminal in Algeria, Riga Universal Terminal in Latvia, Valletta Gateway Terminals in Malta and operations at Indonesia’s Tanjung Priok port.

The group employs around 1,400 people, with its terminals handling some 7m tonnes of bulk cargo, 700,000 containers and 90,000 vehicles annually. It also provides port equipment engineering, maintenance and operational services, primarily from Singapore and Indonesia.

Mitsui acquired Portek in 2011 following a takeover battle with Philippine terminal operator ICTSI, which withdrew its competing bid for the then Singapore-listed company.

The latest move adds to a string of port investments by the Maersk family-backed fund manager. In September, A.P. Moller Capital agreed to acquire a 53.35% stake in Thaumas, the holding company behind Euroports, which operates more than 50 terminals across Europe and China.

That followed its acquisition last year of a 51% stake in Spanish port and logistics group BERGÉ, whose operations extend across Iberia and Latin America. Its broader logistics portfolio also includes AC Logistics in the Philippines, while another recent deal targets a majority stake in Morocco’s Globex Investissement.

Completion of the Portek takeover remains subject to regulatory and other third-party approvals.

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