APM Terminals (APMT), the terminals division of A.P. Moller-Maersk (Maersk), has reached an agreement to sell its 30.75% stake in Global Ports Investments PLC (GPI) to longtime business associate Delo Group.
Following Maersk’s declaration that it would cease operations in Russia earlier this year, APMT has now entered into a legally binding agreement to sell its entire 30.75% shareholding in GPI to Delo Group, which also owns 30.75% of the company’s shares. This transaction is subject to regulatory approval.
“The deal was made on an arm’s-length basis and gives APMT the option to rejoin the partnership with Delo in the future. “We are happy that we were able to complete this transaction on schedule and with our trusted partner Delo, allowing us to leave GPI in a way that is consistent with our choice to stop doing business in Russia,”said Keith Svendsen, CEO of APM Terminals.
APMT will no longer be associated with any organisations doing business in Russia or own any assets there after selling its shares in GPI. Following receipt of regulatory approval, share ownership is transferred.
