AP Moller Capital has agreed to acquire Singapore-based terminal operator and port engineering company Portek International from Japan's Mitsui and Co., the fund manager announced on Thursday, October 15.
The purchase of 100 per cent of Portek will be made through AP Moller Capital – Emerging Markets Infrastructure Fund II (EMIF II). Financial terms were not disclosed.
Completion depends on meeting the usual closing requirements, including approvals from regulators and other third parties.
Portek was founded in 1988 and has positions in seven multipurpose terminals located in Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam.
AP Moller Capital said the portfolio handles around seven million tonnes of bulk cargo, 700,000 containers and 90,000 vehicles annually. Approximately 1,400 people are employed across its operations and headquarters.
The company also offers port engineering, along with operations and maintenance services, mainly from Singapore and Indonesia.
"Portek is a differentiated ports platform with established positions across its markets," said AP Moller Capital Director Kim Thagaard Pedersen. "We see significant potential to build on its existing capabilities and, working closely with the management and local operating teams, to support its continued development."
The Portek agreement follows AP Moller Capital's deal to acquire a majority stake in Euroports. Euroports operates more than 50 terminals across ten European countries and China.