The Genoese Rimorchiatori Mediterranei (Rm) invests over 160 million to acquire two companies in Singapore and Malaysia. A move that leads the company to become the third largest port towing operator in the world.
The Italian group, 65% owned by Rimorchiatori Riuniti (headed by the Gavarone and Delle Piane families) and 35% by Dws Infrastructure, has signed an agreement with Smit Singapore (Boskalis) and Ks Investments (Keppel) for the purchase of 100% of Keppel Smit Towage (Kst) and Maju Maritime, two of the largest providers of port towage services in Singapore and Malaysia.
Fleet of 160 tugs
The completion of the transaction, explains a note, is expected in the first half of 2022 and is subject to the receipt of the approval by the regulatory authorities of Singapore. With the closing, however, Rm will have over 1,400 employees, a fleet of 160 tugs, operating in three different continents (South America, Europe and Asia), and about 30 ports.
Two notes from the sellers quantified the value of the investment once the transaction was completed in the first half of 2022. Boskalis will receive around 80 million euros for its 49% in Kst and Maju. While Keppel for 51% of the two companies will have around 86 million euros from Rm.
A decade of acquisitions
After several acquisitions completed in the last ten years in Italy, Greece, Malta, Colombia and Norway and the recent sale of the Brazilian company of Tugs together, the transaction represents, the note clarifies, “a milestone in the implementation of the growth strategy and internationalization of Rm. Thanks to its position in the Mediterranean, with the acquisition of Kst and Maju, the group will become one of the main suppliers of towing services in Southeast Asia ».