MSC to Acquire Majority Stake in HHLA Container Terminal Tollerort
Landmark Deal Strengthens Hamburg's Position as a Leading Port City
Key Points:
- MSC, the world's second-largest shipping company, will acquire a 67% stake in HHLA Container Terminal Tollerort (CTT).
- The deal is expected to close in the first quarter of 2024, after regulatory approvals are obtained.
- The acquisition will strengthen MSC's presence in Hamburg, one of Europe's largest container ports.
On February 8, 2023, Hamburg's Bürgerschaft (parliament) voted in favor of MSC's acquisition of a majority stake in CTT. This landmark deal will significantly strengthen Hamburg's position as a leading port city and provide numerous benefits to the local economy.
Under the terms of the agreement, MSC will acquire a 67% stake in CTT, while HHLA will retain a 33% stake. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
CTT is one of the largest container terminals in Hamburg, handling over 2.4 million TEUs (twenty-foot equivalent units) of cargo annually. The acquisition will give MSC a significant foothold in the Port of Hamburg, which is the third-largest container port in Europe.
MSC's investment in CTT is a testament to the strength of Hamburg's port infrastructure and its strategic location as a gateway to Central and Eastern Europe. The deal is expected to create jobs, boost economic growth, and further enhance Hamburg's reputation as a global shipping hub.
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