Abu Dhabi Ports Group on Tuesday said its Spanish operations division Noatum Terminals has fully acquired APM Terminals Castellon for €10 million ($11 million), as it seeks to strengthen operations in the western Mediterranean region.
The purchase agreement with APM Terminals has received all regulatory and stakeholder approvals and the change of ownership will take place with immediate effect, AD Ports said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Noatum Terminals has already been managing a multipurpose terminal in Castellon since 2004 and the acquisition is “part of its strategy to consolidate its position in Spain”, the statement said.
Noatum’s combined annual container-handling capacity will now be 250,000 twenty-foot equivalent units (TEUs) – about 70 per cent of the total container volume capacity of Castellon port.
The purchase also enables Noatum Terminal Castellon to “expand its operational capacity for bulk, general cargo and container processing while maintaining APM Terminals' third-party services and agreements at this location", the company said.
The two terminals will have a capacity to handle 2 million tonnes of bulk cargo and are connected via direct rail links to the hinterland, serving the Mediterranean, Middle East and North Africa regions.
This will position the “port to be more competitive in capturing volumes and serving various industry sectors", the company said.
AD Ports Group has acquired several assets and signed port management concession agreements across a number of markets in a bid to expand its global reach.
In October, it said its Spanish unit Noatum Logistics fully acquired the finished vehicles logistics business of Grupo Logistico Sese for €81 million, to boost its position in the global automotive sector.
The purchase of Sese Auto Logistics is expected to be completed by the end of the first quarter, pending regulatory approval.
Last month, AD Ports also signed an agreement with the Red Sea Ports Authority to develop and operate a multipurpose terminal at Safaga Sea Port in Egypt to boost economic ties between the UAE and the North African country.
In September, the UAE-based company signed a 30-year concession agreement with the government of the Republic of Congo to manage a terminal at New East Mole port in Pointe-Noire.
It also signed a 50-year concession agreement with Pakistan’s Karachi Port Trust in June. The deal includes an investment of $220 million to develop a new concession at Karachi port aimed at boosting its growth over the next 10 years.
