SAS Shipping Agencies Services, a wholly-owned subsidiary of MSC Mediterranean Shipping Company, has finalised a deal to acquire a 56.47 percent stake in Brazilian port operator Wilson Sons for a total cash consideration of Brazilian Real (R$) 4.3 billion (approximately $783 million). This strategic acquisition marks a significant move in the logistics sector, further consolidating MSC’s position in the Latin American market.
According to a regulatory filing by Wilson Sons, the transaction involves a share purchase agreement between OW Overseas (Investments), the controlling shareholder, and SAS Shipping Agencies Services Sàrl. Ocean Wilsons Holdings, the ultimate parent company of the seller, will act as a guarantor for the transaction. The agreement entails the purchase of all 248,664,000 common shares held by the seller, which represents 56.47 percent of the company’s total and voting capital stock. The share price is set at R$17.50 per share, resulting in a total cash consideration of R$4.352 billion.
Completion of the transaction is expected in the second half of 2025. Upon closing, SAS Shipping Agencies Services is required by law to launch a public tender offer for the remaining shares issued by Wilson Sons, offering the same price and terms extended to the seller. This move is anticipated to enhance shareholder value and further integrate the operations of Wilson Sons under the MSC umbrella.
Wilson Sons has recently reported a robust performance, with revenue increasing by 15 percent to $262 million for the first half of 2024. Its EBITDA also saw a 12 percent rise, reaching $111 million. Notably, the company’s container terminal division experienced a remarkable 47 percent surge in EBITDA, attributed to significant growth in transshipment and gateway volumes, increased revenues from ancillary services, and improved fixed cost dilution. The aggregate volumes at Wilson Sons reached an all-time high, rising 25 percent due to strong performances across both terminals.
For the first three quarters of 2024, Wilson Sons’ container terminals reported a 30 percent increase in volume, totaling 360,900 TEUs, while the nine-month figures reached 972,700 TEUs, reflecting a 22 percent growth. This acquisition not only underscores MSC’s expansion strategy but also positions Wilson Sons for future growth amid an evolving logistics landscape in Brazil and beyond.
