Maersk Line has officially acquired German container shipping line Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd) from the Oetker Group, after the deal closed today.
Final regulatory approval was received on November 28 from the Korea Fair Trade Commission.
“With the final approval of the acquisition, we have reached an important milestone in our strategy to become an integrated transport and logistics company delivering sustainable growth. These are truly exciting times and we are looking forward to taking the first steps forward as one company,” says Søren Skou, CEO of A.P. Moller – Maersk.
“Hamburg Süd is an outstanding brand with high quality products. By combining our two businesses we will reinforce the global positions of both companies and enhance our service offers towards customers.”
The two businesses will now be able to realise operational savings in the region of USD 350-400 million annually, primarily derived from integrating and optimising the vessel networks as well as utilising the terminal capacity in APM Terminals.
Upon transfer of ownership, Dr. Ottmar Gast will retire as Chairman of the Executive Board of Hamburg Süd and will instead become new Chairman of the Supervisory Board of Hamburg Süd. Søren Toft, Chief Operating Officer, A.P. Moller – Maersk, will become Board Member of the Supervisory Board of Hamburg Süd. New CEO for Hamburg Süd will be Dr. Arnt Vespermann.
Collectively, Maersk Line and Hamburg Süd will have a total container capacity of 4.15 million TEU and a 19.3% global fleet capacity share, according to Alphaliner’s assessment. 105 Hamburg Süd vessels will be integrated into the fleet of Maersk Line. The combined fleet will include a total of 773 owned and chartered vessels.
Maersk Line will acquire Hamburg Süd for EUR 3.7 billion ( USD 4.4 bn) on a cash and debt-free basis through a syndicated loan facility.