A.P. Møller – Mærsk A/S, or Maersk Group, signed a deal to divest Maersk Tankers A/S for $1.17 billion. Another unit in the breakup of the energy business will be run by APMH Invest A/S, a subsidiary of A.P. Moller Holding A/S, the family investor which controls the Danish shipping and logistics powerhouse, according to an announcement published on Wednesday.
The transaction concerning 161 watercraft, out of which the firm owns 80, will be made in cash, intended to be used to repay debt. A provision will increase the sum in case the product tanker market improves "significantly... with a rebound in vessel values" through 2019, the companies said. "Having determined the future ownership of Maersk Tankers, we have taken yet an important step in our strategy to free up resources and focus future growth in A.P. Moller – Maersk on container shipping, ports and logistics," said Soren Skou, chief executive of the conglomerate.
A.P. Moller Holding revealed it plans to form an ownership consortium for the fleet, to include Mitsui and Co. Ltd. and other minority partners.
