Pinfra , controller of Infraestructura Portuaria Mexicana (IPM) , a multi-use terminal in the port of Altamira, Tamaulipas, informed the Mexican Stock Exchange (BMV) that it has reached an agreement with Terminal Investment Limited Holding (TIL) , regarding a transaction related to its port operator.
“The completion of this transaction is subject to the preparation and negotiation of various documents, as well as obtaining the necessary regulatory authorizations,” the company said in a brief statement announcing an event of relevance to investors.
“IPM’s Altamira port terminal represents 10% of Pinfra’s revenues from its concessions segment and around 7% of its EBITDA (Earnings Before Financial Income, Taxes, Depreciation and Amortization). Pinfra’s port concession is valid until 2056, and has a total surface area of approximately 282 thousand square meters and a dock with a length of 950 meters,” according to a first analysis by the Vector financial group .
TIL, the company interested in acquiring the concession of the second most important general and containerized cargo terminal in the port of Tamaulipas, is the sixth controlling group of port terminals in the world , majority owned by the Aponte family, founder and controller of the largest shipping company in the world for the movement of containers, Mediterranean Shipping Company (MSC) .
One of the objectives of M&A activity in the maritime sector, in particular the case of large shipping companies, is the integration of logistics services, a commercial trend that offers importers and exporters the opportunity to “knock on one door” to move their goods directly without going through intermediaries.
Based in Genoa, Switzerland, TIL is the controller of major container terminals in ports such as Busan, Korea; New York/New Jersey, Los Angeles, USA; Valencia, Spain; Singapore; and Rotterdam, Netherlands, among others.
Pinfra has a history of almost 30 years of operating IPM since its privatization in 1995, and has developed in the construction, operation and management of concessioned infrastructure in Mexico, mainly highways.
With the help of Grupo Carso, owned by Carlos Slim, they participated in and were awarded the Ferrocarril del Sureste in 1998, which years later they jointly transferred to Grupo México Transportes .
In 2017, IPM participated in the bidding for a mixed cargo terminal for the expansion of the port of Veracruz, a competition that it won by submitting the best proposal.
However, the construction of his project was the only one that did not advance on time and in 2021 he gave up his rights by renouncing its construction and operation and requesting the return of his initial glove refund , an objective that he achieved at that time despite there being no precedent in federal government tenders.
(Photo: Taken from IPM’s website)
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