APM Terminals (APMT), a leading port operator and part of A.P. Moller – Maersk, has announced an agreement to divest its minority stake in Global Ports Investments, the top container terminal operator in Russia.
Maersk will sell its 30.75% stake in GPI to its long-standing partner Delo Group, which also ownes 30.75% of the shares in GPI.
The sale comes as Maersk has decided to cease all our operations in Russia in response to its invasion of Ukraine.
In a statement, Maersk said the transaction has been done at “an arm’s length basis” and includes an ability for APMT to re-enter the partnership with Delo in the future.
“We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia,” said Keith Svendsen, CEO of APM Terminals.
With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets it the country.
The transfer of share ownership will take place after regulatory approvals have been obtained, Maersk said.
APM Terminals ranks as the world’s second biggest port operator with 50.4 million TEU capacity under its belt in 2021, according to industry analyst Drewry.