Rimorchiatori Mediterranei has acquired Keppel Smit Towage and Maju Maritime to become one of the main operators of harbour tugs in the region
This sale, announced 15 November 2021, was completed 30 June 2022 and means Rimorchiatori Mediterranei has become one of the largest harbour towage operators worldwide and is at the forefront of innovation in the sector.
It operates a fleet of more than 170 vessels on three continents – Europe, Asia and South America.
Dutch offshore, dredging, marine and towage contractor Boskalis and its co-shareholder KS Investments sold equity stakes in their harbour towage activities in Singapore and Malaysia as part of a divestment strategy. This sale followed the strategic decision taken by Boskalis in 2019 to divest its harbour towage activities. It subsequently divested its stakes in SAAM Smit Towage and Kotug Smit Towage in 2019.
Boskalis received €92M (US$96M) in cash for its 49% equity stake in the joint ventures resulting in a pretax book gain of around €50M (US$50M), both of which will be included in its H1 2022 results.
Rimorchiatori Mediterranei is a company held by Rimorchiatori Riuniti Group with a 65% stake and by DWS Infrastructure with the remaining 35% stake. Its acquisition of Keppel Smit Towage and Maju Maritime adds around 60 technologically advanced tugs to its fleet.
“The acquisition of Keppel Smit Towage and Maju Maritime has allowed our group to further consolidate its international leadership position in the harbour towage sector,” said Rimorchiatori Mediterranei chief executive Matteo Coppari.
“We are becoming one of the main operators in southeast Asia, with some 60 units operating between Singapore and Malaysia.”
Rimorchiatori Riuniti group chief executive Gregorio Gavarone said the “transaction was an essential step in the growth process of Rimorchiatori Mediterranei, which over the years has made numerous acquisitions in Italy, Greece, Malta, Colombia and Norway”.
Prior to the purchase, Rimorchiatori Mediterranei operated a fleet of more than 100 vessels in more than 20 major ports, employing approximately 900 people.
Keppel Smit Towage and Maju Maritime will continue to operate in their respective markets, with unchanged governance and operating structure.
For Rimorchiatori Mediterranei, this transaction will contribute to further developing innovation and environmental, social and governance strategies, due to investments in the past five years in using alternative fuels from diesel and testing remote vessel operations.
Keppel Smit Towage operates several tugs running on LNG fuel and trialled autonomous and remote-control technologies on a tug in 2021.
Rimorchiatori Mediterranei was assisted in the transaction by Rothschild & Co as financial advisor, and by the law firms Milbank, Allen & Gledhill, Rahmat Lim & Partners and La Torre Morgese Casaro Rio.
This sale comes as holding company HAL Holding formally launched an offer to acquire Boskalis, which will hold an extraordinary meeting to discuss the offer.
The public offer by HAL Bidco, a wholly owned subsidiary of HAL Holding, for all issued and outstanding ordinary shares of Boskalis, values the company’s shares at €32.50 (US$34.20), adjusted to €32.00 for a €0.50 cash dividend paid in May 2022 by Boskalis.
