The acquisition is based on an agreement announced in October 2022, and the transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.

“We are very pleased about the successful completion of this transaction, which significantly increases our footprint in Latin America and underlines our commitment to the Latin American markets. Looking ahead, we will focus on further developing the business and on continuing to offer the best quality to all of SAAM Terminals’ customers,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

Investing in terminal infrastructure is a key element of Hapag-Lloyd’s strategic agenda, and Latin America is one of its key markets. The transaction includes interests in terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States / Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica) as well as related logistics services.

The acquisition will further strengthen Hapag-Lloyd’s core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio, the company said.

The new entity will be led by its CEO, Mauricio Carrasco, who has been managing director for the terminals division within the SAAM Group since 2020.

Mauricio Carrasco is an experienced senior executive with long-standing experience in Latin America and globally. Rodolfo Díaz, former senior director pf business administration region Latin America at Hapag-Lloyd, will join him as CFO.

Hapag-Lloyd was advised by Chilean law firm Carey on the mandatory notification process before the National Economic Prosecutor's Office and also coordinated the notification processes in six Latin American countries.

“The case constitutes an important multijurisdictional transaction which involved the coordination of several merger control notification procedures in Latin America from a Chilean law firm,” Carey said in a statement.

“In addition, the case stands out as one of the few concentrations that have been investigated in Phase II by the FNE and finally approved unconditionally by the authority. The transaction was also analyzed and unconditionally approved in Phase II in Ecuador and Costa Rica. In addition, because of this transaction, Hapag-Lloyd AG acquired control over a portfolio of port terminals with a regional-wide geographical footprint and entered the port logistics business.”

Carey’s team advising Hapag-Lloyd was led by partners Lorena Pavic and José Pardo, with associates Gonzalo Soto, Ismael Bahamonde and Fernando Flores.

Hapag-Lloyd was also advised by law firms Aguilar Castillo Love, Bustamante Fabara, Creel, García-Cuéllar, Aiza y Enríquez, Greenberg Traurig Guyer & Regules, and Posse Herrera Ruiz.

The SAAM Group was advised by law firms Basham Abogados, Brigard & Urrutia and Claro & Cía.

SAAM Group’s in-house lawyers were general counsel José Tomás Palacios and legal counsel Giordano Peri, while Hapag-Lloyd’s in-house legal team was made up of general counsel Thomas Mansfeld, corporate and antitrust counsel Fabian Kolf and head of corporate legal Anne-Kathrin Drettmann.