The Mediterranean Shipping Company (MSC) Group has now completed its acquisition of Bolloré Africa Logistics (BAL), through its wholly-owned subsidiary SAS Shipping Agencies Services with all applicable regulatory authorities having approved the deal.
For MSC, currently the number one container shipping line in the world, this deal means they will own all of Bolloré Group’s shipping, logistics, and terminal operations in Africa, as well as its terminal operations in India, Haiti, and in Timor-Leste. The purchase price was reported to have been 5.7 billion euros net of minority interests and based on an enterprise value.
MSC is expected to operate Bolloré Africa Logistics Group as an autonomous entity under a new brand to be unveiled in 2023 with Philippe Labonne continuing to be at the helm of the business as President of Bolloré Africa Logistics.
MSC’s acquisition of Bolloré Africa Logistics SAS and its affiliates (“Bolloré Africa Logistics Group”) highlights the long-term commitment of MSC to invest in African supply chains and infrastructure, supporting the needs of clients of both businesses a press release from MSC said.
Commenting on the completion of the acquisition, MSC Group President Diego Aponte said “We are delighted to welcome more than 21,000 new colleagues to the MSC family through our acquisition of Bolloré Africa Logistics. I wish to thank the Bolloré family, and Cyrille in particular, for having conducted the transaction in a smooth and efficient way and I congratulate them for having created such a well-established business.
The deal will strengthen MSC’s longstanding ties with Africa and will reinforce our commitment to the continent’s economic growth, including investment in the ships, shipyards, container terminals, logistic solutions, storage facilities, road and rail networks that will support and enhance trade across the African continent and with the rest of the world. Our strategy remains rooted in our values and in our long-term vision that protects over 150,000 employees in 155 countries worldwide” he added.
Africa has always been of strategic importance to MSC and with this acquisition, MSC intends to continue enhancing the continent’s connectivity with the rest of the world, especially in light of the implementation of the African Continental Free Trade Area (AfCFTA).