Cosco Shipping Ports said its Spanish subsidiary Cosco Shipping Ports (Spain) Limited had agreed to buy a 51 percent stake in Noatum from TPIH Iberia S.L.U, which would retain a 49 percent stake. After completion of the deal, Noatum will become a subsidiary of Cosco Shipping Ports.
Noatum’s major assets include Valencia’s largest container terminal and the only container terminal in the Port of Bilbao, as well as rail terminals in Madrid and Zaragoza.
The company said the deal was in line with its stated strategy of “developing a global terminals portfolio”. The deal will be funded by internal resources and bank loans, Cosco said.
Cosco Shipping bought a 51 per cent stake in Greece’s largest port in Piraeus for €280m last year.