MSC Rail - a subsidiary of MSC Mediterranean Shipping Company SA “MSC” – completed today the acquisition of CP Carga - Logística e Transportes Ferroviários de Mercadorias SA and took control of the management of the rail-based freight operator. This marks the beginning of the implementation of its long term strategy to strengthen and expand the business of CP Carga.
According to Giuseppe Prudente, Chief Logistics Officer at MSC, "We have now the chance to put our strategic plan in action, to drive the company towards a bright future and develop it into a major player in the Iberian Peninsula in the coming years. The acquisition and the related investments demonstrate MSC’s unwavering commitment to Portugal and the development of its logistics sector”.
Carlos Vasconcelos, Managing Director of MSC Portugal reinforces that "MSC’s investment is part of a long-term development plan that will enhance the infrastructure of the company and turn it into the leading Iberian rail freight operator. We are committed to offering our clients the highest level of service."
The Portuguese Competition Authority issued their approval for the purchase of CP Carga in December 2015, three months after the initial sale and purchase contract had been signed in Lisbon on the 21st September.
As previously communicated, the deal represents an investment of 53 million euros, of which 51 million euros will be used to recapitalize the company. The signing of the contract between the two entities has followed the public tender for the sale of the CP Carga, which was won by MSC Rail. In this initial closing MSC has acquired 95% of the company – there will be an employee’s sales offer for the remaining 5% - and, among other arrangements, MSC Rail is committed to keep the current “Employees Agreement”.
Further details and developments will be provided going forward.