South Korean shipping giant Hyundai Merchant Marine (HMM) has reached an agreement to buy a 100 percent stake in Spain’s Total Terminal International Algeciras (TTIA).
Under the deal, which will be officially signed on May 15, the company will pay KRW 117.6 billion (USD 104.1 million) for the stake in the terminal, situated at Port of Algeciras Bay. According to the company’s stock exchange release, the acquisition is expected to be wrapped up withing four months of the contract signing.
HMM was selected as the preferred bidder for the terminal, owned by its bankrupt compatriot Hanjin Shipping, in late November 2016. The company earlier expected to finalize the transaction by the end of 2016.
TTI Algeciras counts with a concession area of 300,119 square metres, 57,621 square metres of public manoeuvring zone and two quay lines of 850 metres on the East and 550 metres on the North, with a draught of 18,5 and 17,5 metres, respectively.
The terminal is capable of handling ultra large container vessels (ULCVs) with an equipment of 8 ship-to-shore cranes, 32 automatic stacking cranes and 22 shuttle carriers.