Spain’s terminal operating and services company Marítima del Mediterráneo (Marmedsa) is to take a 50% stake in UECC Ibérica, the Portuguese-based firm that manages and operates the finished vehicle terminal at the northern Spanish port of Pasaia (Pasajes).
The remaining 50% of the company will be retained by short-sea maritime services operator, UECC.
Marmedsa operates under the Noatum brand and provides maritime services, logistics services and cargo handling across the Iberian Peninsula.
The sale of half of UECC Ibérica was subject to a competition review by the European Commission (EC). It found no competition issues, however, given that there are several alternative operators and terminals in other parts of Spain.
The EC noted that the acquisition simply implied the loss of sole ownership by UECC in favour of two partners; as a result, there will be no downgrading of competition in Spain.
Marmedsa is owned by IIF International, an investment fund that specialises in infrastructure investment over the longer term in OECD countries.
The Pasajes terminal will remain a wholly independent entity, although Noatum also handles finished vehicles at terminals in the ports of Barcelona, Santander, Tarragona, Sagunto and Málaga.
According to Noatum’s managing director, Douglas Schultz, the acquisition “will be an important contribution for the different services that Noatum offers to the industry”.
Glenn Edvarsen, managing director of UECC, said that after signing the agreement, UECC would continue to offer a first-class service to its clients to and from Spain and that the agreement with Noatum would contribute positively to it.