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 Russian business associate Delo Group, with intent to discontinue its business in Russia.
APMT has entered into a binding agreement following Maersk’s allegiance to discontinue its business in Russia. The deal remains subject to regulatory approval on whether or not Maersk could divest its entire 30.75% shareholding in GPI to APMT’s long-standing joint venture partner Delo Group who also owns 30.75% of the shares in GPI.
APMT CEO Keith Svendsen expressed his excitement about the new deal. “We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us to exit from GPI in line with our decision to discontinue activities in Russia.”
The merger carried out on an arm’s-length basis grants APMT the option to rejoin the cooperation with Delo as part of the transaction.
The Maersk affiliate will no longer be associated with any organizations doing business in Russia or own assets after selling its shares in GPI.