Sociedad Matriz SAAM S.A., through its subsidiary SAAM S.A., signed an agreement with the shareholders of Intertug Investment Holding S.A., a towage services company operating in Colombia, Mexico and Central America, to acquire 70% of the company. The acquisition will be a combined capital increase and share purchase, the company said in its release.
Intertug has more than 25 years’ experience providing harbor towage, offshore and special services in Colombia, Mexico and Central America. Its 25-vessel fleet logs more than 18,000 maneuvers a year, generating around US$44 million in towage service revenue annually.
SAAM Towage continues to consolidate its position as the largest tug operator in the Americas and one of the leading providers in the world; with this purchase, it will operate a fleet of more than 170 tugs in 11 countries.
This agreement is subject to approval from regulatory authorities and compliance of other conditions that are customary for this type of transaction.
SAAM is a Chilean-based multinational corporation providing services for international trade through its three divisions: Port Terminals, Towage and Logistics. With 58 years in business, it is a leading operator of port and towage services in the Americas.