COSCO SHIPPING Ports Limited (SEHK:1199) entered into the Share Purchase Agreement to acquire 35% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on September 21, 2021. As per the transaction, COSCO SHIPPING Ports Limited will pay the consideration for the sale of the sale shares of 65 million and the consideration for the sale of the closing shareholder loan in an amount equal to the nominal amount of the Closing Shareholder Loan and interest charged on 34,238,860.89, being 35% of the amount owed to Hamburger Hafen und Logistik Aktiengesellschaft by HHLA Container Terminal Tollerort GmbH. As on December 31, 2020, HHLA Container Terminal Tollerort GmbH generated net profits of 7.4 million and net assets of 21.4 million.
The transaction is subject to competition and regulatory approval and is approved by Hamburger Hafen und Logistik Aktiengesellschaft's supervisory board. Helge Schäfer, Jonas Wittgens, Stefan Witte, Jonas Labinsky, Jan-Benedikt Fischer and Börries Ahrens of Allen & Overy LLP (Hamburg), Udo Olgemöller and Thomas Dieker of Allen & Overy LLP, Jonathan Hsui of Allen & Overy Hong Kong and Director Jing Li & Eva Jiang of Allen & Overy LLP acted as legal advisors to Hamburger Hafen und Logistik Aktiengesellschaft.