The Finnish shipping company will acquire all the outstanding shares of the Ystad-headquartered AtoB@C Shipping AB and AtoB@C Holding AB.
The transaction will require an approval from the side of the Finnish competition authority. Once granted, ESL Shipping estimates that the deal will be completed in Q3 2018.
AtoB@C manages a fleet of 30 vessels in the range of 4,000-5,000t, out of which six dry bulkers are fully- and two are partially-owned (49% of shares), the remaining 22 being time-chartered. The company deals with carriages of raw materials, forest and steel products, fertilizers, recyclable materials, biofuels, and minerals. By taking over its Swedish counterpart, ESL Shipping's fleet will grow up to 50 ships.
"Aspo's strategy is to develop leading companies in its field. The acquisition will shift ESL Shipping to a new size class and put it in a good position to improve operational efficiency and overall profitability of the shipping company," Aki Ojanen, CEO, Aspo Plc, and Chairman of the Board of Directors, ESL Shipping (part of the Aspo Group), commented.
Anders Nilsson, the main owner of AtoB@C, also said, "I am very delighted to have found the best possible home for my shipping company. This is a good starting point."
"Together we form a strong Nordic shipping company that is customer-driven. It has strong shoulders to build future success determinedly," Mikki Koskinen, Managing Director, ESL Shipping, concluded.
Photo: ESL Shipping