Cosco Shipping buys controlling stake in Spanish port for €203m
Cosco Shipping Ports has agreed to purchase a majority stake in Noatum Port Holdings, the operator of container ports in Valencia and Bilbao, for EUR203m. Cosco Shipping Ports said its Spanish subsidiary Cosco Shipping Ports (Spain) Limited had agreed to buy a 51 per cent stake in Noatum from TPIH Iberia S.L.U, which would retain a 49 per cent stake. After completion of the deal, Noatum will become a subsidiary of Cosco Shipping Ports.
Noatum’s major assets include Valencia’s largest container terminal and the only container terminal in the Port of Bilbao, as well as rail terminals in Madrid and Zaragoza. The company said the deal was in line with its stated strategy of “developing a global terminals portfolio”. The deal will be funded by internal resources and bank loans, Cosco said.
Cosco Shipping bought a 51 per cent stake in Greece’s largest port in Piraeus for EUR280m last year.