Infrastructure fund manager AP Moller Capital is acquiring port terminal operator Portek International from Mitsui & Co for an undisclosed sum.
AP Moller is making the acquisition through its Emerging Markets Infrastructure Fund II to take ownership of the Singapore-based cargo ports operator and engineering business.
Portek holds interests in seven multipurpose terminals across Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam, handling approximately 7m tonnes of bulk cargo, 700,000 containers and 90,000 vehicles annually.
The deal complements the manager’s existing transport and logistics investments, including Philippines-based AC Logistics and Bergé Logistics in Spain and Latin America, alongside its recent agreements to acquire majority stakes in Globex Investissement and Euroports.
Semih Gökmen, partner at AP Moller Capital, said: “Portek is a strong fit with our investment strategy and active owner philosophy. It is an established business with a diversified portfolio of port operations serving important trade flows across three continents, supported by experienced local operating teams.
“Our domain expertise across ports and logistics gives us a strong foundation from which to work with the Portek team, build on the company’s existing capabilities and support its next phase of development. We’d also like to recognise Mitsui & Co’s stewardship of Portek, as the business has developed over recent years.”
Kim Thagaard Pedersen, director at AP Moller Capital, said: “Portek is a differentiated ports platform with established positions across its markets. 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.”
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