Svitzer concludes divestment of Portuguese marine operation
Svitzer, a leading provider of global marine services, has sold its Portuguese marine operations to Pioneiro do Rio, Servicos Maritimos, Lda and Grupo Sousa.
Today, 23 December 2019, Svitzer announced that all conditions stipulated in the agreement between Svitzer and Pioneiro do Rio, Servicos Maritimos, Lda and Grupo Sousa had been met, thereby concluding the deal between the parties with effect from 1 January 2020.
Earlier this year, in May 2019, Svitzer announced having reached an agreement with Pioneiro do Rio and Grupo Sousa to divest its operations in Portugal, citing that the operations had been facing declining volumes resulting in difficult market conditions. The decision was in line with the organisation’s wider corporate growth strategy and came following a strategic review of its portfolio, including considerations of the mixed financial performance in Portugal since the initial entry in 2005.
The transaction was subject to customary closing conditions, including a mandatory filing with the Portuguese competition authority – which was submitted by the buying party on 13 May 2019. After having obtained approval from the Portuguese competition authorities and meeting all closing conditions, the parties were able to finally close the transaction, whereby Pioneiro do Rio and Grupo Sousa assume ownership to Svitzer’s Portuguese marine operations.