Boluda and MSC strengthen their alliance with a strategic merger in the tugboat business. The merger by absorption is expected to be finalized between April and May.
The Boluda Group, led by Valencian businessman Vicente Boluda, and Mediterranean Shipping Company (MSC), owned by Neapolitan businessman Gianluigi Aponte, have taken a key step in their strategic alliance by integrating their tugboat businesses. This operation, which has been in progress for over two years, is based on MSC’s acquisition of 49% of Boluda Towage through the contribution of its subsidiary MedTug. This transaction will add 180 tugboats to Boluda’s fleet, increasing the total to approximately 800 vessels and strengthening its presence in 198 ports worldwide, as reported by El Mercantil and previously covered by Infopuertos in October 2023.
The merger, which still requires approval from competition regulators in multiple countries, is expected to be completed between April and May of this year. This is one of the largest transactions in the maritime towing industry, positioning the merged entity as the world’s leading operator in the sector.
MSC will contribute all MedTug’s assets in Italy, Malta, Greece, Singapore, Malaysia, Colombia, and Norway. With this move, Boluda surpasses Danish company Svitzer, a subsidiary of AP Moller-Maersk, which had previously led the sector with a fleet of 440 tugboats.
The merger by absorption is expected to be finalized between April and May.
The process began more than two years ago, with MSC acquiring 7.27% of Boluda Towage in December 2022 for €87 million. This stake later increased to 15.65% following the contribution of around twenty MedTug tugboats to the company.
The agreement with MSC will allow the Spanish group to strengthen its inorganic growth strategy, which is based on acquisitions and international expansion. “The synergies with MSC are evident, and having a company with 800 tugboats in nearly 200 ports is a key opportunity for the future of the business,” sources close to the deal explained.
A €600 Million Investment to Drive Growth
As part of this agreement, Boluda Towage plans to invest €600 million in 2025. Of this amount, €200 million will be allocated to modernizing the existing fleet, while €300-400 million will go toward acquiring new companies in the sector. This strategy aims to strengthen Boluda’s global presence and enhance its market competitiveness.
MSC will contribute all MedTug’s assets, its tugboat subsidiary. This company operates in key markets such as Italy, Malta, Greece, Singapore, Malaysia, Colombia, and Norway, enabling Boluda to expand its global influence.
Additionally, the integration with MedTug reinforces MSC’s strategy of diversifying its business beyond cargo and cruise transportation, incorporating technical assistance and maritime services in ports worldwide, as well as offshore platform and rescue operations.
Sustained Growth in the Maritime Sector
Boluda has been strengthening its leadership in the maritime towing industry in recent years through various acquisitions. In October 2022, MSC had already acquired 100% of Rimorchiatori Mediterranei, the world’s third-largest towing company, through its Luxembourg-based subsidiary, SAS Shipping Agencies Services. Subsequently, the assets and businesses of this company were transferred to MedTug, which is now being absorbed by Boluda Towage.
With this new operation, Boluda Towage’s annual revenue will reach €1.2 billion, solidifying its position as the world’s largest tugboat operator.
Boluda Retains Control of the Company
Despite MSC’s significant stake in the transaction, Boluda will retain 51% of Boluda Towage’s capital and remain in charge of managing the business. This autonomy will allow the company to continue its expansion strategy without losing control.
This agreement marks a milestone in Boluda’s history, positioning it as the global leader in the tugboat sector and securing its growth in a highly competitive industry. The alliance with MSC not only strengthens its operational capacity but also allows it to leverage synergies with the world’s largest shipping company to optimize operations and expand into new markets.
