Manila-based port operator International Container Terminal Services, Inc. (ICTSI) has acquired Mexican port operator Terminal Maritima de Tuxpan (TMT).
The deal purports the 100% acquisition of TMT from Mexico’s logistics and transportation firm Grupo TMM SAB (TMM) and its subsidiary Inmobiliaria TMM SA de CV (ITMM).
The acquisition has a price tag of USD 54.5 million, ICTSI said in a stock exchange filing.
TMT has obtained a concession to construct and operate a maritime container terminal in the Port of Tuxpan, Mexico and is the owner of the real estate where the maritime container terminal will be constructed.
ICTSI said that the main reason behind the move was geographic expansion as the company pushes forward with diversification of its business portfolio and tapping into the positive growth potential in Mexico.
“The project is expected to increase ICTSI’s consolidated throughput and revenue and positively contribute to the financial performance of the company,” ICTSI added.
World Maritime News Staff