MSC Mediterranean Shipping Company has agreed to take control of Brazilian shipping, ports and yard group Wilson Sons a year after a deal was first hinted.
The acquisition is MSC’s second in Brazil in recent years, following the takeover of shipping line and terminals company Log-In Logistica in 2021. Wilson Sons has a history going back nearly 200 years.
It is also the second sizeable transaction for MSC in 2024 after its swoop for Oslo-listed Gram Car Carriers.
The Aponte family-owned shipping giant is paying BRL 4.35bn to the company’s major shareholder, Ocean Wilsons, for a 56.47% stake.
London-listed investor Ocean Wilsons said the transaction is worth $768m based on last week’s US dollar conversion rate.
MSC is carrying out the purchase through its SAS Shipping Agencies Services unit, which earlier this year took over Gram Car Carriers in a $700m transaction.
Ocean Wilsons signalled last year it was reviewing its holding in the subsidiary, while MSC was said to be in talks over a takeover worth up to $1bn.
The group has 80 tugs and one of the largest offshore support vessel fleets in the country — more than 20 Brazilian-flagged vessels.
It controls three container terminals, a logistics centre and a ship agency business.
Wilson Sons’ shipyard has built more than 135 vessels in the past 30 years, including platform supply vessels, tugs, oil spill response ships and patrol vessels.
“The board believes that it is a compelling time to realise its investment,” said Caroline Foulger, Ocean Wilsons chair.
Big hand-out coming
The seller will hand over some of the proceeds as special dividends while reinvesting the rest.
Net cash proceeds should be at least $593m.
The transaction is expected to be completed during the second half of 2025.
Wilson Sons’ gross assets are valued at $1.126bn.
Net profit was $81m in 2023.
