File photo courtesy Kotug Smit Towage (Boluda Towage)
Royal Boskalis Westminster has completed the sale of Dutch towing company Kotug Smit Towage to Spain-based Boluda Group.
Boskalis was co-shareholder of Kotug Smit Towage with Kotug International. The initial sale was first announced back in March.
Boskalis said it receive 93.6 million euros in cash for its 50 percent equity stake in the joint venture.
Boluda reported that the 100 percent stock acquisition was valued at 300 million euros.
Kotug Smit Towage was formed in 2016, initially covering 11 ports in the Netherlands, Belgium, Germany and the United Kingdom.
The acquisition will add 67 tugs to Boluda’s fleet and increase its presence in several major European ports, including new presence the Netherlands, Belgium, Germany and the United Kingdom. The 67 vessels will expand Boluda’s fleet to a more of 300 tugboats operating in 90 ports in 15 countries in Europe, the west coast of Africa, America and the Indian Ocean.
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