(Splash247)- Maersk Line has announced that it has reached an agreement with Oetker Group to acquire German line Hamburg Süd.
While financial details of the transaction are yet to be revealed, Hamburg Süd has a fleet of around 130 boxships totaling some 600,000 teu in its fleet which VesselsValue estimates is worth $1.4bn.
After the completion of the acquisition, Maersk Line says it will have container capacity of around 3.8 million TEU and 18.6% global capacity share. The combined fleet will consist of 741 vessels with an average age of 8.7 years.
Søren Skou, CEO of Maersk Line and the Maersk Group, commented: “Today is a new milestone in Maersk Line’s history. I am very pleased that we have reached an agreement with the Oetker Group to acquire Hamburg Süd. Hamburg Süd is a very well-run and highly respected company with strong brands, dedicated employees and loyal customers. Hamburg Süd complements Maersk Line and together we can offer our customers the best of two worlds, first of all in the North – South trades.”
Both Hamburg Süd and Aliança will continue as separate brands and serve customers through their local offices.
“Hamburg Süd and Aliança have competitive and attractive customer value propositions, which we want to preserve and protect. We wish to maintain the personal touch and engagement they offer their customers. In short, Hamburg Süd and Aliança customers will also be Hamburg Süd and Aliança customers in the future,” said Skou.
Maersk has recently said it is after acquisitions rather than ordering new ships. Its last containerline acquisition was back in 2005 when it bought P&O Nedlloyd.
The acquisition is subject to final agreement and regulatory approvals, with the deal expected to be closed by end of 2017.