Danish conglomerate A.P. Møller - Mærsk A/S container shipping unit Maersk Line has closed its acquisition of German container shipping line Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG, Maersk said.
Maersk Line acquired Hamburg Süd from the Oetker Group for €3.7 billion on a cash and debt-free basis.
A.P. Møller - Mærsk expects the combination to result in annual operational synergies of between $350 million and $400 million from 2019 due to the integration and optimization of the vessel networks and utilization of the terminal capacity in APM Terminals.
Arnt Vespermann will become the new CEO of Hamburg Süd. Ottmar Gast will retire as chairman of the executive board of Hamburg Süd and will become chairman of the supervisory board. A.P. Møller - Mærsk COO Søren Toft will become a member of Hamburg Süd's supervisory board.
Maersk Line announced its intention to acquire Hamburg Süd on Dec. 1, 2016. The acquisition required regulatory approval in 23 jurisdictions. The deal was closed after the Korea Fair Trade Commission approved the acquisition Nov. 28.
