Swiss giant Mediterranean Shipping Co (MSC) is on the acquisition trail again, this time eyeing cruise ship terminal leader Global Ports Holding (GPH).
The London-listed ports company, with a market cap of £69.2m ($84m), confirmed an approach had been made by the Aponte family-owned container ship and cruise vessel player.
Talks are underway between the two sides about a potential cash offer.
Shares of GPH closed up 19% at 109 pence after the group confirmed a Bloomberg report about the approach — their best day in two years.
Fresh from buying dozens of boxships over the last couple of years, MSC now wants 100% of a company controlled by Turkish businessman Mehmet Kutman to build its roster of ports.
GPH said there is a deadline of 13 July for MSC to make a firm offer or walk away. But this could yet be extended.
In a statement, GPH added that it had noted recent media speculation.
It confirmed expressions of interest were made to majority shareholder Global Investment Holding (GIH) for all the shares in GPH by SAS Shipping Agencies Services, a wholly-owned subsidiary of MSC.
“These deliberations are at a preliminary stage and no decisions with respect to an offer have been made. There can be no certainty that an offer might ultimately be made for the company nor as to the terms on which any offer might be made,” the company added.
26 ports in 14 countries
GPH, the world’s largest independent cruise port operator with a presence in the Caribbean, Mediterranean and Asia-Pacific regions, operates 26 cruise ports across 14 countries and also has a commercial port operation that specialises in container and general cargo handling.
Last month, the company pointed to a strong rebound in cruise activity and said it expects occupancy levels to reach “historical levels” before the end of the 2022 calendar year.
The terminals firm was listed in London in 2017 after setting up shop in 2004.
It serves 15m passengers each year, with a market share of 29% in the Mediterranean.
Kutman’s Istanbul-listed GIH has a 62% stake. The rest is a free-float on the London Stock Exchange.
