DALIAN, China -- Cosco Pacific said Friday that it has struck a deal to acquire a 35% interest in Euromax Terminal Rotterdam, which manages a port in its namesake Dutch city.
The Chinese firm will purchase that stake from ECT Participations, an affiliate of Hong Kong conglomerate CK Hutchison Holdings. The deal will cost the No. 1 Chinese port operator a total of 125 million euros ($141 million): 41.43 million euros for the shares, and the rest for 35% of Euromax's debt.
Euromax, in operation since 2010, is one of the chief container terminals at Rotterdam, Europe's largest port. The facility can handle 3.2 million twenty-foot-equivalent units of cargo a year. Around 2.28 million TEUs were processed in 2015.
Hong Kong-listed Cosco Pacific is a subsidiary of China Cosco Shipping, the nation's largest marine shipping company. The port operator decided March to expand its terminal in Singapore through a joint venture with a port operator run by the city-state. The Cosco group is also bulking up its overseas presence through such steps as an acquisition of Greece's largest port of Piraeus.
Rotterdam is a key point in Beijing's "One Belt, One Road" initiative to create Sino-European trade routes and infrastructure, thanks to its location as a crucial link between the project's oceanic and overland components.