SAAM achieved a new milestone for its Towage Division after signing (May 06) an agreement with the Brazilian company Starnav to acquire 17 tugs currently operating in Brazil. The deal also involves the purchase of four additional tugs presently under construction.
“This agreement—one of the largest transactions in SAAM’s history—enables us to continue growing in this market and broaden our service offering in order to reinforce our position as the towage industry’s leading operator in the Americas and one of the largest in the world,” explained SAAM CEO Macario Valdés.
The transaction was valued at US$150 million for the 17 active tugs, all state-of-the-art, flexible, high-capacity vessels. Another US$48 million will be disbursed for four tugs under construction.
Once regulators sign off on the deal, SAAM Towage Brazil will take over the debt for the operational tugs and those under construction, which will be deducted from the price paid to Starnav.
Once the purchase has been completed, SAAM Towage Brazil can upgrade part of its current fleet and will boast one of the most competitive, most modern fleets in that country.
The announcement comes on the back of recent agreements to acquire the towage businesses operated by Ian Taylor in Peru and Standard Towing and Davies Tugboats in Canada, thereby strengthening the Towage Division’s offering in Brazil and worldwide. SAAM Towage provides services at over 80 ports in the Americas, completing more than 110,000 maneuvers for 37,000 vessels each year.
This deal is subject to approval from the appropriate regulators in Brazil and compliance of other conditions that are customary for this type of transaction.