China International Marine Containers Co., Ltd. entered into the Share purchase agreement to acquire Maersk Container Industry AS and Maersk Container Industry Qingdao Ltd. for $1.1 billion (DKK 6.9 billion).
September 27, 2021
Share
China International Marine Containers (Group) Co., Ltd. (SZSE:000039) (CIMC) entered into the Share purchase agreement to acquire Maersk Container Industry AS and Maersk Container Industry Qingdao Ltd. for $1.1 billion (DKK 6.9 billion) on September 27, 2021. CIMC will take over Maersk Container Industry AS and Maersk Container Industry Qingdao Ltd.'s (together MCI) entire organisation and assets which include the reefer factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark. CIMC intends to pay the Consideration by its own funds and by financing. Maersk Container Industry AS reported revenue of DKK 3.78 million, net profit after tax of DKK 0.17 million, net assets of DKK 0.84 million and total assets of DKK 1.69 million for the year ended December 31, 2020. Maersk Container Industry Qingdao Ltd. reported revenue of CNY 3.23 billion (DKK 3 billion), net profit after tax of CNY 61.57 million (DKK 57.39 million), net assets of CNY 738.54 million (DKK 688.3 million) and total assets of CNY 1.79 billion (DKK 1.67 billion) for the year ended December 31, 2020. Maersk Container Industry AS and Maersk Container Industry Qingdao reported consolidated EBITDA of $71 million (DKK 432 million) for the year ended December 31, 2020. 2,300 people of Maersk Container Industry will become employees of CIMC upon closing.
The transaction is subject to regulatory approvals, all clearances from the Competition Authorities, there having been no material adverse event and other conditions. The transaction is expected to close in or before 2022. It is expected that the debt-to-asset ratio of CIMC will increase slightly after the Completion. Acquisition is expected to bring positive impact to the operating results of CIMC. Deutsche Bank Aktiengesellschaft advised A.P. Møller - Mærsk A/S. Lauren Morrissey and Lisa Y Li of KPMG acted as financial advisor to China International Marine Containers (Group) Co. Maersk Container Industry AS acted as due diligence provider to China International Marine Containers
China International Marine Containers (Group) Co., Ltd. is a leading global producer of containers and transport equipment. Net sales break down by family of products and services as follows:
- road transport vehicles (27.9%);
- containers (22.8%): dry containers, refrigerated containers, tank containers, etc.;
- equipment for food and chemical industries (14%);
- logistics services (11.2%);
- airport equipment (6.5%): freight equipment, boarding bridges, etc.;
- petroleum equipment (5.4%);
- property development services (2.3%);
- finance services (1.8%);
- other (8.1%): primarily construction equipment (semi-trailers, tanker trucks, dump trucks, concrete mixers, garbage compressors, road sweepers, high pressure washers, etc.).
Net sales are distributed geographically as follows: China (60.2%), Asia (3.9%), Americas (18.9%), Europe (15.2%), and other (1.8%).
China International Marine Containers Co., Ltd. entered into the Share purchase agreement to acquire Maersk Container Industry AS and Maersk Container Industry Qingdao Ltd. for $1.1 billion (DKK 6.9 billion).
CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. 
