A.P. Moller Holding to acquire Maersk Tankers

Company will continue trading as Maersk Tankers following acquisition

SEPTEMBER 20, 2017 — Keeping things all in the family, as it were, publicly traded A.P. Møller – Mærsk A/S today signed an agreement to sell Maersk Tankers A/S to APMH Invest A/S, a subsidiary of A.P. Moller Holding A/S for $1,17 billion in an all-cash transaction. The agreement includes a market upside provision regulating total payment should the product tanker market significantly improve with a rebound in vessel values before the end of 2019.

“As the transaction is between related parties, fairness opinions have been obtained from Morgan Stanley & Co. Int. Plc. and DNB Bank ASA,” says A.P. Møller – Mærsk. “The conclusions from these fairness opinions confirm that the transaction value including the agreed price adjustment mechanism is fair from a financial point of view.”

Part of A.P. Moller – Maersk since 1928 , Maersk Tankers is one of world’s largest product tanker companies in the world, employing 3,100 people and operating 161 vessels, 80 of them company-owned.

A.P. Moller Holding will take over Maersk Tankers’ entire organization, portfolio and obligations and will assume all outstanding capital commitments of Maersk Tankers’ fleet renewal program. Closing is expected to take place in October 2017. Closing of the transaction is not subject to merger control approvals.

The company will continue trading as “Maersk Tankers,” using the A.P. Moller – Maersk seven-pointed star-logo as part of its brand.

“Maersk Tankers has over the last century built a great company,” said Robert Maersk Uggla, CEO of A.P. Moller Holding (and grandson of industry legend Mærsk Mc-Kinney Møller). “With this acquisition, A.P. Moller Holding aspires to remain an engaged owner and contributor to Maersk Tankers’ future development as an industry leading platform for own and third-party vessels.”

In connection with the acquisition of Maersk Tankers, A.P. Moller Holding will establish a separate ownership consortium for the Maersk Tankers fleet with Mitsui & Co and other potential partners. This company will be controlled by A.P. Moller Holding.

“Maersk Tankers has served A.P. Moller – Maersk well for almost a century, building an industry leading position within the product tanker market. As former CEO of Maersk Tankers for more than 10 years, I recognize the importance of having an owner with a long-term market view in this industry, and this is why I am pleased that Maersk Tankers can continue to build on its strong name and position under A.P. Moller Holding,” says Søren Skou, CEO of A.P. Moller – Maersk.”Having determined the future ownership of Maersk Tankers, we have taken yet an important step in our strategy to free up resources and focus future growth in A.P. Moller – Maersk on container shipping, ports and logistics.”

The sale of Maersk Tankers comes on the heels of last month’s announcement of the $7.45 billion sale of Maersk Drilling to Total Structural solutions for the remaining companies in the Energy division, Maersk Drilling and Maersk Supply Service, remain to be defined before the end of 2018, says the company.