Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

Kotug Smit Towage to be sold to Boluda

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

Linked InTwitterFacebookeCard
Kotug Smit Towage to be sold to Boluda

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.

Linked InTwitterFacebookeCard

You may also be interested in...

JV boost for Shanghai

Sibre/EMG for ADT

VTG introduces rCE Powerpack

China and Nepal agree transit trade deal

Chinese operators march offshore

Primorsk development plan

Related Stories

MSC GÜLSÜN docks at Bremerhaven – and sails into a storm

The world’s first 24-across container vessel, the 23,800 TEU, currently the worl...

Nairobi backs down on SGR decree

The government of Kenya has backtracked on a recent decree that all cargo import...

People on the move – Nils Kahn to head MSC Germany

Women are appointed for the first time to top roles in Everett and Bremen Ports;...

Blyth receives world's longest wind power blade

The world’s longest offshore wind turbine blade has arrived at the Port of Blyth...
Linked In
Twitter