Navis Master Terminal SaaS TOS for Euroports
NewsNavis has announced a partnership with Euroports to provide its Master Terminal TOS for multiple terminals as a service.
Euroports up for sale?
The investment consortium that owns Euroports is reported to have appointed Citi and Goldman Sachs to sell the business, with an asking price of around €1B (US$1.18B)
This story was filed by Reuters last week, quoting market sources. One source said the company was difficult to value because it had stakes in a diverse range of ports, and there was little information available.
The banks and the investor owners declined to comment, although it is understood that the banks will begin work in earnest next January.
Euroports is owned by Brookfield Asset Management (40%), Antin Infrastructure Partners (38.2%) and Arcus Infrastructure Partners (21.1%). It has 22 port concessions in Europe and three in China, and it also operates terminals on behalf of industrial clients at a further 10 sites.
Financial sources say the sale move has been triggered by the maturity next year of the fund through which Antin holds its stake, and the two co-investors decided that it would be a good time to exit.
Euroports has grown by acquisition, and has a strong focus on commodity trades (eg forestry products, bulk trades). Company data show that its various operations handled an aggregate 46 Mtpa in 2016, and it has 2,550 full-time employees.
For the year ended 31st December 2016 Europort achieved EBITDA of €58M on revenues of €550M. The question is who will buy the group? If the rumoured sale price is true, the asking price is 17 times EBITDA!
According to Reuters again, "although sources said that Chinese investors typically preferred container ports, they could still consider the asset as part of an aggressive acquisition drive in the [non-container] sector."
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