Ocean Wilsons (OCN.L) has finalized an agreement to divest its 56.47% ownership in Wilson Sons (PORT3.SA) to SAS, a subsidiary of MSC, for 4.35 billion reais ($764.9 million). The London-based investment holding company, which is the principal shareholder of Wilson Sons, described the timing of the sale as opportune, following a period of review of its investment in the Brazilian entity.
The acquisition by SAS comes in the wake of CMA CGM's acquisition of Santos Brasil (STBP3.SA) for $2 billion, underscoring a trend of strategic investments by shipping corporations in Brazil. MSC, a Swiss conglomerate, has been notably active in Brazil, having previously acquired Log-In in 2021, and now further extends its footprint with Wilson Sons, which boasts a diverse portfolio including container terminals in Bahia and Rio Grande do Sul, tugboats, offshore support vessels, a logistics center, and shipyards.
The transaction, which values Wilson Sons shares at 17.50 reais each, below the closing price prior to the announcement, led to a fluctuation in the market value of both companies involved. Ocean Wilsons has announced plans to allocate a portion of the proceeds from this sale to special dividends, with considerations for reinvestment in its diversified portfolio through Ocean Wilsons Investments. Analysts at Jefferies remarked on the deal's valuation while noting the potential for the agreed dividends to mitigate any concerns.
Following the deal, MSC's SAS plans to initiate a tender offer for the remaining shares of Wilson Sons, with the transaction's closure anticipated in the second half of 2025. This move edged out other potential buyers, including I Squared Capital, and signifies MSC's ongoing expansion and consolidation efforts within the Brazilian logistics and port operations sector.
Source: Reuters