MSC buys Brazilian port operator Wilson Sons for $783 million
Transaction to complete during H2 2025; MSC to make public offer at same price issued to seller - R$17.50/share.
SAS Shipping Agencies Services, a wholly-owned subsidiary of MSC Mediterranean Shipping Company, has agreed to acquire 56.47 percent stake in Brazilian port operator Wilson Sons for a total cash consideration of Brazilian Real (R$) 4.3 billion ($783 million).
Wilson Sons, in a regulatory filing, says it has received a communication from "controlling shareholder, OW Overseas (Investments) (seller), regarding the execution of a share purchase agreement between the seller and SAS Shipping Agencies Services SÃ rl (buyer) with Ocean Wilsons Holdings (the ultimate parent company of the seller) acting as guarantor of the seller, in connection with the sale of all of the 248,664,000 common shares in the company that are held by the seller, which represent 56.47 percent of the company's total and voting capital stock."
The filing added that following the share purchase agreement, "the seller has agreed to sell to the buyer the entirety of the controlling shares for total cash consideration of R$4.352 billion. The unadjusted purchase price is equivalent to a price per share of the company of R$17.50."
The transaction is expected to complete during the second half of 2025, the release added. "Once the transaction is concluded, the buyer will, in accordance with applicable law, launch a public tender offer for the acquisition of the remaining shares issued by the company for the same price and under the same terms offered to the seller."
Wilson Sons reported a 15 percent increase in revenue at $262 million for the first six months of 2024 while EBITDA was 12 percent higher at $111 million.
"Container terminal EBITDA surged 47 percent, driven by robust growth in transshipment and gateway volumes, higher revenues from ancillary services and fixed cost dilution. Aggregate volumes increased 25 percent to an all-time high, propelled by exceptional performances at both terminals."
For the first three quarters of 2024, container terminals reported a 30 percent increase in volume at 360,900 TEUs, and 22 percent increase for nine months at 972,700 TEUs.
