HAPAG-LLOYD has acquired the entire terminal business of Chilean terminal operator SM SAAM.

The transaction includes interests in ten terminals across Chile, the US, Mexico, Colombia, Ecuador and Costa Rica, as well as related logistics operations.

Hapag-Lloyd announced in October last year it had agreed to acquire 100% of the business. The transaction came to around US$955 million.  

The transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.

“We are very pleased about the successful completion of this transaction, which significantly increases our footprint in Latin America and underlines our commitment to the Latin American markets,” Hapag-Lloyd CEO Rolf Habben Jansen said.

“Looking ahead, we will focus on further developing the business and on continuing to offer the best quality to all of SAAM Terminals’ customers.”

Hapag-Lloyd said Latin America is one of its key markets and expects the acquisition to strengthen its core liner shipping business and help the carrier build a “robust and attractive” terminal portfolio.

Terminals included in the transaction are Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (US), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica).

The new entity will be led by its CEO Mauricio Carrasco, who has been managing director of SAAM Group’s terminals division since 2020.

Hapag-Lloyd said Mr Carrasco is an experienced senior executive with long-standing experience in Latin America and around the world.

He has served as senior vice president of development at shipping line CSAV and as senior director at Hapag-Lloyd, with responsibilities in the Americas, China, Dubai, and India.

Rodolfo Díaz, former senior director business administration region Latin America at Hapag-Lloyd, will join him as chief financial officer.

Having transferred terminal and logistics assets, SAAM plans to focus on expanding its towage business.

SAAM CEO Macario Valdés said the group is beginning a new stage focused on two areas where it sees growth opportunities.

“We will strengthen our towage business to grow in new markets and become a world leader,” Mr Valdéz said. “We also want to expand Aerosan’s regional presence.”

Aerosan provides air logistics services at eight airports in Chile, Colombia and Ecuador and has also expanded operations in Latin America through an acquisition plan.