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Tugs & Towing by Jack Gaston

Smit Acquires the Remaining Shares in URS

27 Jan 2008

On the last day of 2007 Smit Internationale NV announced its agreement with Fairplay Towage to acquire Fairplay’s 50% interest in Antwerp based URS. Through this acquisition Smit will become 100% shareholder of URS, the leading towage provider in Belgium. The total value of this transaction was given as €182.5m.
Smit now controls all of the shares in Belgian tug owner URS of Antwerp.
Smit now controls all of the shares in Belgian tug owner URS of Antwerp.

The transaction will be paid partly in shares and partly in cash. The calculation is based on Smit’s share price at closing of Euronext Amsterdam on 28 December 2007 of €68.34. Smit will increase its outstanding shares by issuing new shares to an amount of 9.99% of its outstanding shares, as per 31 December 2007, which represents an amount of €108m. The cash consideration amounts to €74.5m. Closing of the transaction is expected in the first quarter of 2008 and is subject to regulatory competition authority filings and works council advice. 

CEO Ben Vree of Smit said, 'URS in Antwerp is of strategic interest in Smit’s network of harbour towage activities while the Antwerp harbour business is expected to grow continuously. With this acquisition Smit will be able to realise a number of synergies between its Rotterdam and Antwerp activities.' 

A statement from Fairplay announced, 'Fairplay becomes a major shareholder in Smit Internationale. On Monday 31 December 2007 Smit Internationale and Fairplay Towage agreed that Smit will acquire Fairplay's share in their joint company URS. Fairplay will therefore become a significant shareholder in Smit. For Fairplay Towage this participation creates a strategic interest in one of the world’s most renowned towage providers. The transaction will give an international dimension to Fairplay's continuing European towage activities.' 

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Smit

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