MSC Rail today signed the contract with CP Comboios de Portugal, E.P.E. for the acquisition of CP Carga
Lisboa, Portugal, 21st September 2015
MSC Rail – a subsidiary of MSC Mediterranean Shipping Company SA “MSC” – today signed the contract with CP – Comboios de Portugal, E.P.E. for the acquisition of CP Carga - Logística e Transportes Ferroviários de Mercadorias SA, the second largest rail-based freight operator in the Iberian Peninsula. The deal represents an investment of 53 million euros, of which 51 million euros will be used to recapitalize the company. The completion of the deal is subject to final clearance from the Portuguese Competition Authority.
The signing of the contract between the two entities follows the public tender for the sale of the CP Carga, which was won by MSC. As stated in the strategic plan, among other arrangements, MSC is committed to keep the current “Employees Agreement”.
According to Giuseppe Prudente, Chief Logistics Officer at MSC, "Rail transport has always been a priority for MSC, as currently 20% of our business already utilises rail networks globally. MSC has recognised the value of the excellent railway network in Portugal, which already transports the majority of our clients’ cargo in that market. This investment represents MSC’s strong commitment to Portugal, where we have been actively investing for the long-term and contributing to national economic development."
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."
LLORENTE & CUENCA | +351 21 923 97 00
MSC Mediterranean Shipping Company S.A. is a privately owned global shipping company founded in 1970 by Gianluigi Aponte. As one of the world’s leading container shipping lines, MSC operates 480 offices across 150 countries worldwide with over 24,000 employees. With access to an integrated network of road, rail and sea transport resources which stretches across the globe, the company prides itself on delivering global service with local knowledge. MSC’s shipping line sails on more than 200 trade routes, calling at over 315 ports.