A unit of China Cosco Shipping, one of the world’s largest shipping and logistics companies, has reached a deal with Hamburger Hafen und Logistik (HHLA) to acquire a 35% stake in Container Terminal Tollerort (CTT) in the Port of Hamburg, expanding the Chinese shipping giant’s global terminal network in Europe, reports Caixin.
Hong Kong-traded Cosco Shipping Ports, a terminal operator of Cosco, will pay €65 million ($76 million) for HHLA’s holding in CTT, the company said Wednesday. The buyer also agreed to assume CTT’s €34 million ($40 million) of debt to HHLA, putting the total value of the deal at €99 million ($116 million). HHLA is one of Europe’s largest port and logistics service providers.
After the deal, CTT will become a preferred transshipment hub for Cosco, and HHLA expects the transaction to deliver long-term secured capacity and employment in the Port of Hamburg, analysts said.