Maersk Line’s acquisition of Germany-based container line Hamburg Süd closed on November 30th, almost a year to the day after the Denmark-based subsidiary of AP Møller-Mærsk AS announced its intention to acquire the company. Regulatory approval processes in 23 jurisdictions ended on November 28th with the approval of the acquisition by the Korea Fair Trade Commission.
Søren Skou, CEO of AP Moller-Maersk said that, combined, the two companies would be able to realize operational synergies in the region of $350-$400m annually from 2019 on.
Ottmar Gast will retire as Chairman of the Executive Board of Hamburg Süd to become new Chairman of the Supervisory Board of Hamburg Süd. Søren Toft, Chief Operating Officer, AP Moller-Maersk, will become Board Member of the Supervisory Board of Hamburg Süd. The new CEO for Hamburg Süd will be Arnt Vespermann. Hamburg Süd will continue as a separate brand”
Together, Maersk Line and Hamburg Süd have container capacity of 4.15m teu 19.3% global fleet capacity market share. The combined fleet will include a total of 772 vessels (owned and chartered), with 105 Hamburg Süd vessels being integrated into the Maersk Line fleet. Maersk Line paid €3.7bn on a cash and debt-free basis to acquire Hamburg Süd. It is financing the acquisition through a syndicated loan facility.