Slaughter and May is advising COSCO SHIPPING Ports in relation to its conditional agreement to purchase 51% of Noatum Port Holdings for €203.49 million

Slaughter and May is advising COSCO SHIPPING Ports Limited (COSCO SHIPPING Ports) on its conditional agreement with TPIH Iberia S.L.U. (TPIH) to purchase 51% of the shares of Noatum Port Holdings, S.L.U. (NPH) for a total consideration of €203.49 million. NPH operates two container terminals in Valencia (Noatum Container Terminal Valencia (NCTV)) and Bilbao (Noatum Container Terminal Bilbao (NCTB)) and two facilitative rail terminals in Madrid (Conterail Madrid) and Zaragoza (Noatum Rail Terminal Zaragoza (NRTZ)) in Spain.

NCTV is the largest container terminal in the Port of Valencia, which is one of the three container ports in the Mediterranean and the main gateway for the Iberian Peninsula with 9 regular short-distance services that connect the area with 22 ports in 13 countries around the world. NCTB is the only container terminal in the Port of Bilbao and is one of the largest and most modernised container terminals in the Atlantic region of Southern Europe serving as the gateway for container shipping to the Iberian Peninsula and Southwestern France. Conterail Madrid and NRTZ operate intermodal services inside Spain and their rail corridors link the ports of Bilbao and Valencia with Zaragoza and the Centre and the South of the Iberian peninsula with the rest of Spain.

On completion of the acquisition, which is subject to anti-trust and shareholder approvals and other conditions, NPH will become a subsidiary of COSCO SHIPPING Ports further extending COSCO SHIPPING Ports network in the Mediterranean and Europe.

TPIH is owned by institutional investors advised by J.P. Morgan Global Alternatives, the alternative investment arm of JP Morgan Chase & Co., and APG Asset Management, a leading financial services provider for pension funds and employers. 

Working as a team with Slaughter and May’s,office,Uría Menéndez's Beijing and Valencia offices are advising COSCO SHIPPING Ports on Spanish law,led by partners Francisco Martínez Boluda and Elizabeth Torrecillas Power

Lisa Chung Partner
Christine Yu Counsel