China International Marine Containers (CIMC) to pay A.P. Moller-Maersk (APMM) $85 million after Termination of the Purchase of Maersk Container Industry (MCI), according to the stock announcement published by CIMC.
In 2021 CIMC and A.P. Møller-Mærsk A/S signed the share purchase agreement to purchase MCI, a subsidiary of APMM. On August 25, 2022, both parties decided to terminate this transaction.
“After discussion with APMM, on October 19, 2022, the company signed the reconciliation agreement with APMM. According to the to the relevant agreement mentioned above, CIMC shall pay APMM a settlement fee of US$85 million. CIMC is required to payment to APMM within 25 business days from the date of signing”, — states in announcement.
The intended divestment was announced on 28 September 2021 and was expected to close in 2022. As a part of the closing process, the transaction was subject to regulatory approvals.
Founded by Maersk in 1991, MCI has been a part of the company for more than 30 years. Over the years, it has transformed into a business focusing entirely on manufacturing refrigerated containers. Today, MCI employs 2,300 people in China and Denmark.
A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains. As one of the global leaders in shipping services, the company operates in 130 countries and employs approximately 95,000 people.