A.P. Moller Capital has signed an agreement to acquire 100% of Singapore-based port operator Portek International from Mitsui & Co.
The transaction will be completed through the A.P. Moller Capital Emerging Markets Infrastructure Fund II.
Founded in 1988, Portek operates a geographically diversified portfolio of multipurpose terminals serving domestic and international trade flows. The company has interests in seven terminals across Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam.
Portek also provides port engineering and operations and maintenance services, primarily from Singapore and Indonesia. The company employs approximately 1,400 people across its headquarters and operating businesses.
Its terminals handle around seven million tonnes of bulk cargo, 700,000 containers and approximately 90,000 vehicles annually.
Following completion, A.P. Moller Capital intends to work with Portek’s management and local operating teams to develop the business. Its priorities will include operational performance, governance, safety, capital discipline and environmental performance, including emissions-reduction planning.
“Portek is a strong fit with our investment strategy and active owner philosophy,” said Semih Gökmen, Partner at A.P. Moller Capital.
“It is an established business with a diversified portfolio of port operations serving important trade flows across three continents, supported by experienced local operating teams,” he added.
Kim Thagaard Pedersen, Director at A.P. Moller Capital, said Portek represents a differentiated port platform with established positions across its markets.
The acquisition expands A.P. Moller Capital’s transport and logistics infrastructure portfolio, which includes investments in Philippines-based AC Logistics and Bergé Logistics in Spain and Latin America.
The fund manager has also signed agreements to acquire majority stakes in Moroccan logistics company Globex Investissement and port terminal operator Euroports.
Completion of the Portek transaction remains subject to customary closing conditions, including regulatory and other third-party approvals.
