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Hamburger Hafen und Logistik AG (HHLA) concluded a contract today to acquire 100 % of the shares of the Estonian port operator Transiidikeskuse AS in Muuga. The new subsidiary will be allocated contractually and organisationally to HHLA International GmbH.
Muuga, which is just a few kilometres from the capital Tallinn, is Estonia’s main port and an important maritime location in the Baltic region. The company newly acquired by HHLA is the clear market leader in container handling in the Baltic country and also operates a multipurpose terminal for break bulk, bulk and RoRo handling. Muuga’s geographic position means that it links the Northern European market with the “New Silk Road”. The location is developing into a multimodal hub as a result of regional infrastructural projects (such as the Rail Baltica project). With the acquisition of Transiidikeskuse AS, HHLA is expanding its regional diversification and confirming its goal of also achieving international growth.
The container terminal currently has a high utilisation of its capacity of around 300 thousand TEU which can be increased to approximately 800 thousand TEU. HHLA expects to leverage synergies by further professionalising sales and operations and integrating the port operator into the HHLA network.
The acquisition price is a middle double-digit million euro amount. Completion of the transaction is subject to various conditions precedent and is expected to occur in the second quarter of 2018. HHLA’s Supervisory Board has already approved the acquisition.
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