MSC Acquires Portugal Intermodel CP Carga
Swiss Mediterranean Shipping Co. (MSC) has finalized the acquisition of CP Carga, the freight and logistics unit of Portugal’s state-owned railway.
MSC Rail, railway company of MSC, has completed the acquisition of the CP Carga - Logística e Transportes Ferroviários de Mercadorias SA, railway company established in 2009 and formerly owned by the group's entire public rail Portuguese Combois de Portugal (CP).
The acquisition plan for of 95 percent of the rail freight carrier was formalized and announced last year, but the Portuguese authorities gave their consent in December 2015. With the transaction MSC Rail got the 95% stake in the Portuguese company, while the remaining 5% will be offered to employees of the railway company.
‘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’, said MSC Chief Logistics Officer Giuseppe Prudente. ‘The acquisition and the related investments demonstrate MSC’s unwavering commitment to Portugal and the development of its logistics sector’.
According to MSC, the transaction represents an investment of €53m, of which €51m will be used to recapitalise CP Carga.
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."
