Maersk Line has completed the sale of its specialist Brazilian domestic subsidiary Mercosul Line to rival global container shipping group CMA CGM as a condition of Maersk Line’s acquisition of Hamburg Süd.
CMA CGM and Maersk Line on 13 June 2017 announced a binding agreement whereby CMA CGM would acquire Mercosul Line, a leading player in Brazil's domestic container shipping market, with a fleet of four container vessels and around 290 people employed. The parties have decided not to publicly disclose the price of the sale.
Maersk Line said it was “strengthening its presence and value proposition” in the Brazilian market through Hamburg Süd’s subsidiary, Aliança, Brazil’s leading domestic carrier. Maersk said the transaction would “ensure that the cabotage sector in Brazil remains competitive and that customers continue to benefit from a comprehensive choice of carriers”.
The Mercosul binding agreement was subject to Brazilian regulatory approval and the closing of Maersk’s Hamburg Süd acquisition, both of which have now been finalised. The transfer of ownership was completed last Friday, marking the closing of the acquisition.
“Mercosul is a highly respected and well-run company with an excellent fleet and customer value proposition,” said Søren Toft, chief operating officer for A.P. Moller-Maersk. “It has been a valued brand in our portfolio and we wish the company and its dedicated people the best in the future.”