Mediterranean Shipping Company’s Terminal Investment Ltd (TIL) announced an agreement to purchase 50% stake of CSM Italia Gate from Italian terminal operator Contship Italia.

TIL already owned 50% of CSM Italia Gate S.p.A. Contship Italia and TIL’s subsidiary Itaterminaux S.à.r.l. have executed a share purchase agreement related to the sale of the remaining 50% of CSM Italia Gate. CSM Italia Gate owns 100% of Medcenter Container Terminal S.p.A (MCT). At closing, TIL will own 100% of CSM Italia Gate S.p.A. and will indirectly control all the shares of MCT.

MCT is the concessionaire of the container terminal activities in the port of Gioia Tauro.

The sale negotiations were launched in mid-March of 2019 and both companies are yet to disclose the terms of the transactions. Regulatory approvals are still pending for the transaction.

Medcenter container terminal project in Gioia Tauro involves works of operation and maintenance. Located in southern Italy Port of Gioia Tauro has major terminals and it is Strategically located for East-West trades with only 66 nautical miles of deviation from the Suez-Gibraltar shortest route. The Medcenter terminal is the largest terminal in Italy with 56 million TEUs since 1995. It has the Longest linear quay in the Mediterranean able to operate up to 4 x ULCC simultaneously, On-dock rail facility and Industrial area, Warehousing and distribution facilities available nearby.