A.P. Møller Capital has signed a binding agreement to acquire a 53.35% stake in Thaumas N.V., the parent company of Euroports Group, a transaction that will grant the fund control of one of the main European operators specialized in non-containerized port traffic. The agreement was formalized on September 25, 2026, and is pending the necessary regulatory approvals.
The transaction has been agreed with the current shareholders of Euroports: the infrastructure investment group R-Logitech S.A., the sovereign wealth fund of the Belgian federal government SFPIM —Société Fédérale de Participations et d'Investissement—, and the Flemish regional company PMV —Participatiemaatschappij Vlaanderen—. After the closing, SFPIM and PMV will maintain significant minority stakes in the company.
A.P. Møller Capital is an independently managed infrastructure fund manager backed by A.P. Møller Holding, the parent company linked to the A.P. Møller - Maersk group. The incorporation of Euroports expands its exposure to assets related to maritime logistics and port operations specialized in non-containerized cargo.
The amount of the transaction has not been disclosed. According to the agreed terms, the final price will be subject to a variable formula linked to Euroports' financial performance during 2026. The calculation will reference the consolidated EBITDA for the fiscal year, prepared in accordance with International Financial Reporting Standards (IFRS) based on the unaudited year-end management accounts.
The closing also requires the usual approvals regarding competition, foreign investment controls, and other regulatory procedures in the affected jurisdictions. According to the timeline contemplated by the parties, the transaction could be completed during the first quarter of 2027 once the necessary permits are obtained.
For R-Logitech, the sale comes after a competitive and structured buying and selling process. The gross revenues attributable to the company will be used to reduce senior secured debt and meet commitments with institutional investors holding debt.
Euroports manages an integrated network of more than 50 terminals and facilities located in seaports and inland waterways in ten European countries, as well as specialized bulk assets in mainland China. The group handles over 70 million tons of non-containerized goods annually and employs approximately 3,000 people.
Its activity includes handling services, storage, and treatment of solid bulk, liquid bulk, and conventional general cargo. Among the products managed are agricultural goods, fertilizers, refined sugar, fresh fruit, forestry products and wood, metals, and minerals.
The company also maintains direct activity in Spain through facilities in the ports of Tarragona and Seville, integrated into its European network of terminals. This presence places the Iberian market within the operational structure that will be controlled by A.P. Møller Capital once the transaction is completed.
Euroports is also the owner of Manuport Logistics (MPL), a company dedicated to international transport and logistics management with operations in more than 20 countries, including Spain. According to the structure proposed after the sale, MPL will retain its brand, operational systems, and its own commercial strategy, while continuing to be integrated into the Euroports group as part of its logistics offering.
No modifications have been announced in the management team or in the business goals of Euroports as a result of the entry of the new majority shareholder. Management will continue under the leadership of the group's CEO, Frédéric Platini.
The CEO and managing partner of A.P. Møller Capital, Kim Fejfer, has positioned the transaction within the fund's interest in infrastructure related to the movement of raw materials and products used by the industry, agriculture, and other European economic sectors. Platini, for his part, has linked the entry of the new shareholder to the possibilities of commercial development and geographical expansion of Euroports.
The Belgian public partners who will remain in the shareholding have also spoken about the transaction. The CEO of SFPIM, Koen Van Loo, has related the participation of A.P. Møller Capital to the continuity of an infrastructure that he considers relevant to the Belgian economy. The general director of PMV, Michel Casselman, has referred to the operational trajectory developed by Euroports over the past decades.
Joe Nielsen, partner of A.P. Møller Capital, has placed among the investment priorities the continuity of the logistics chains used by European industrial clients and their access to import and export infrastructure.
The purchase of Euroports adds to A.P. Møller Capital's entry into BERGÉ Logistics, a Spanish operator of maritime and logistics services, where the fund previously acquired a controlling stake of 51%. BERGÉ develops port terminal activities, vehicle distribution, and cargo handling on the Iberian Peninsula and in Latin America.
The operation concerning Euroports takes place within a corporate structure where container terminal activities remain linked to APM Terminals, a company belonging to A.P. Møller - Maersk. In parallel, A.P. Møller Holding also counts among its investments the maritime assets company Ocean Yield.