KOTUG International BV and Royal Boskalis Westminster NV., 50/50 shareholders of Kotug Smit Towage, intend to sell their shares to Spain-based Boluda Group, in a €300M deal
By partnering with Boskalis’ subsidiary SMIT in 2016, KOTUG strengthened its presence in 11 ports in 4 European countries. The integration of businesses led to further growth, synergy and smarter towage operations.
Shipping alliances are expected to continue to impact the European harbour towage industry. KOTUG believes that further consolidation of businesses will enable Kotug Smit Towage to respond adequately to this development.
Boluda offers a geographically strong and highly complementary European portfolio. As a family-owned company, KOTUG feels Boluda is best positioned to add value to the existing European towage business.
“KOTUG’s CEO Ard-Jan Kooren said: "KOTUG will continue to expand its maritime and towage-related activities worldwide. I am confident that this development will unlock new opportunities to strengthen our growth and allow us to offer operational excellence and innovation to our customers.”
The final agreement is subject to satisfactory due diligence and regulatory approvals from the respective national authorities involved. Closing is scheduled for H2 2019.
The price is understood to be €300M, of which €90M in cash.