Smit Internationale N.V. has reached an agreement to acquire Fairplay Towage’s 50 percent interest in leading Belgian towage provider URS.
The acquisition will make Smit the 100% shareholder of URS.
The total consideration for this transaction amounts to EUR 182.5 million. The transaction will be paid partly in shares and partly in cash.
The calculation is based on Smit’s share price at closing of Euronext Amsterdam of December 28, 2007 of EUR 68.34.
Smit will increase its outstanding shares by issuing new shares to an amount of 9.99% of its outstanding shares, as of December 31, 2007, which represents an amount of EUR 108 million.
The cash consideration amounts to EUR 74.5 million. Closing of the transaction is expected in the first quarter of 2008 and is subject to regulatory competition authority filings and works council advice.
SMIT CEO Ben Vree of Smit says that URS in Antwerp is of strategic interest in Smit’s network of harbor towage activities and that Antwerp harbor activity is expected to grow continuously. With the acquisition Smit will be able to realize a number of synergies between its Rotterdam and Antwerp activities.
- A Thirsty Canal: The Ongoing Struggle with Drought in Panama
The Panama Canal, a monumental engineering feat connecting the Atlantic and Pacific Oceans, faces a formidable adversary: drought. As climate change exacerbates water scarcity issues globally, the canal’s reliance on […]
- AI Takes the Helm? How Technology is Changing the Global Shipping Industry
Introduction AI is a type of technology that can learn from data and make predictions. It’s also called machine learning, deep learning, and neural networks. AI has been around for […]