KOTUG International BV and Royal Boskalis Westminster N.V., 50/50 shareholders of Kotug Smit Towage, intend to sell their shares to Boluda Group (Boluda), the company said in its release.
By partnering with Boskalis’ subsidiary SMIT in 2016, KOTUG strengthened its presence in 11 ports in 4 European countries. The integration of businesses led to further growth, synergy and smarter towage operations.
Shipping alliances are expected to continue to impact the European harbour towage industry. KOTUG believes that further consolidation of businesses will enable Kotug Smit Towage to adequately respond to this development.
Boluda offers a geographically strong and highly complementary European portfolio. Vicente Boluda Marí started towage operations in Valencia in 1920. The family business conquered the Spanish and French market and continued to expand internationally. As a family-owned company, KOTUG feels Boluda is best positioned to add value to the existing European towage business.
The final agreement is subject to satisfactory due diligence and regulatory approvals from the respective national authorities involved. Closing is scheduled for the second half of 2019.