Wallenius Wilhelmsen acquires remaining shares in Armacup

Wallenius Wilhelmsen has acquires the remaining shares in Auckland, New Zealand-based Armacup, bringing the shareholding percentage from 65 per cent to 100 per cent, in a transaction that was closed on Wednesday, April 30.

As previously communicated, the amended shareholder agreement that was entered into in 2022 stated that Wallenius Wilhelmsen was to buy the remaining shares. The company said that it is this process that has now been finalised.

Armacup and Wallenius Wilhelmsen have a shared pool of vessels, agencies in China and Australia, and a shared customer base.

Armacup has been involved in the Japanese used car trade since the 1980s. It has since then expanded its position in the Asia-Oceania trade, servicing leading and emerging OEMs in all three main export markets; Japan, China and South Korea.

Wallenius Wilhelmsen said the integration of processes has commenced, and the aim is to simplify and enhance the offerings for its customers with a streamlined approach.