Acquisition Strengthens Noatum Terminals’ position as a Port Operator in the Western Mediterranean
AD Ports Group has announced that Noatum Terminals, the terminals operations business of Noatum Group, has acquired 100% ownership of APM Terminals Castellón in Spain for a total purchase consideration (Enterprise Value-EV) of EUR 10mn (US$ 10.95mn), according to a press communique.
The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will take place effective immediately. In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years.
Noatum Terminals’ investment in Castellón, where it has already been managing a multipurpose terminal since 2004, is part of its strategy to consolidate its position in Spain. The acquisition follows various improvements implemented at Noatum Terminal Castellón, aimed at modernising and maintaining existing facilities and equipment.
With the acquisition of APM Terminals, Noatum’s combined capacity at Castellón is 250,000sqm in size and an annual capacity to handle 250,000 TEUs, representing around 70% of the container volume capacity of the Port of Castellón.
The acquisition allows Noatum Terminal Castellón to expand its operational capacity for bulk, general cargo, and container processing while maintaining APM Terminals’ third-party services and agreements at this location.
“Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group’s quality standards, to both existing and new customers, while making the necessary investments for the terminal’s operations to run smoothly and efficiently well into the future,” noted Joaquin Ramon Lestau, CEO, Noatum Terminals, Noatum, Logistics Cluster, AD Ports Group.