DUBAI, UAE: DP World Limited and Terminal Link SA, a three way partnership 51% owned by CMA CGM and 49% owned by China Merchants Port, have today reached a conditional settlement to restructure Portsynergy SAS (Port Synergy), a 50:50 three way partnership company.
Port Synergy is the holding firm for subsidiary companies, Générale de Manutention Portuaire SA (GMP) and Eurofos SARL (Eurofos), which function container terminals under long-term concession agreements in Le Havre, on the north western coast of France, and in Port of Fos, near Marseille within the south of France, respectively.
Under the phrases of the restructuring, (i) DP World will consolidate Eurofos under IFRS 10 while sustaining a 50:50 possession construction between DP World and Terminal Link, (ii) Terminal Link will purchase a controlling majority within the holding firm of Le Havre, and (iii) DP World will promote its minority shares in Le Havre to funds suggested by iCON Infrastructure LLP with a transaction enterprise worth of EUR700 million on a 100% basis. This transaction is topic to completion conditions together with session with related works councils of the Port Synergy group and regulatory approvals and is anticipated to shut in 1H2022.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are happy to announce this transaction that will allow us to consolidate our place in Eurofos (France). The Port Synergy three way partnership with Terminal Link has been successful, however this restructuring will additional optimise the shareholding construction and can allow each DP World and Terminal Link to take IFRS10 management of assets the place we add greater worth respectively. The Eurofos terminal is important to DP World’s long-term technique as a number one Mediterranean port and we’re excited to focus on unlocking the substantial growth prospects of Fos, which will add significant worth for all our stakeholders.
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