01/01/0001
APM Terminals to divest UK-based Pentalver Transport Limited
Southampton, United Kingdom - APM Terminals has entered into an agreement to divest Pentalver, the UK-based provider of container transport (trucking & haulage) and other container related services, to Genesee & Wyoming Inc. (G&W) (NYSE:GWR) – a United States-based, global operator of short line and regional railroads and the parent company of Freightliner, the largest transporter and inland rail terminal operator for the movement of deep sea maritime containers in the UK. The purchase price is GBP £87 million (or approximately USD $110 million at current exchange rates), subject to final working capital and other closing adjustments. The transaction is subject to customary closing conditions, including competition clearances and the finalization of certain lease agreements, which are expected in the first quarter of 2017.
Joe Nicklaus Nielsen, APM Terminals Vice President and Head of Port Investments said “This divestment is in line with APM Terminals’ strategy to develop and optimize our portfolio of businesses. Pentalver is a successful business, and we are pleased to have found a new strong owner in Genesee & Wyoming. Together with existing management and the around 600 dedicated employees of Pentalver, Genesee & Wyoming is an excellent new owner that will provide the right platform for customers going forward.”
Jack Hellmann, President and Chief Executive Officer of G&W, commented, “The acquisition of Pentalver is an excellent strategic fit with our existing intermodal offering in the U.K. With the advent of larger container ships and the growth of distribution centers in the Midlands and throughout the U.K., our maritime intermodal customers are seeking greater service optionality, which includes not only rail and road transportation but also the ability to store, maintain and position containers.”
Joe Nicklaus Nielsen, APM Terminals Vice President and Head of Port Investments said “This divestment is in line with APM Terminals’ strategy to develop and optimize our portfolio of businesses. Pentalver is a successful business, and we are pleased to have found a new strong owner in Genesee & Wyoming. Together with existing management and the around 600 dedicated employees of Pentalver, Genesee & Wyoming is an excellent new owner that will provide the right platform for customers going forward.”
Jack Hellmann, President and Chief Executive Officer of G&W, commented, “The acquisition of Pentalver is an excellent strategic fit with our existing intermodal offering in the U.K. With the advent of larger container ships and the growth of distribution centers in the Midlands and throughout the U.K., our maritime intermodal customers are seeking greater service optionality, which includes not only rail and road transportation but also the ability to store, maintain and position containers.”
Press statement 13/12/2016
Pentalver truck photo
https://www.pentalver.com/
