A.P. Møller Capital (APMC) has signed an agreement to acquire a majority stake of 53.35% in Thaumas, the holding company that controls the entire Euroports group, a port operator with more than 50 terminals across ten European countries and China. The parties signed the agreement on 25 September, and APMC and Euroports announced it on 28 September without disclosing the transaction value. The acquisition has yet to be completed, and the transfer of control remains subject to regulatory and competition approvals, with completion expected in the first quarter of 2027.
APMC is the Danish A.P. Møller group’s infrastructure fund manager and operates through a separately managed investment vehicle backed by A.P. Møller Holding. The acquisition is therefore being undertaken by APMC, rather than APM Terminals or Maersk. The stake is being sold by R-Logitech and fellow shareholder SFPIM, Belgium’s federal public investment company, together with PMV, the Flemish Region’s public investment company. They signed the agreement under the powers granted by the June 2024 agreement. The two public investment companies will retain stakes, while APMC will become the majority shareholder on completion. No valuation or enterprise value has been disclosed, although R-Logitech’s announcement states that the final price is linked to Euroports’ consolidated IFRS EBITDA for the financial year ending on 31 December 2026, calculated using unaudited management accounts. The final consideration will therefore depend on this year’s results.
Euroports handles more than 70 million tonnes a year and employs around 3,000 people. The group mainly handles non-containerised cargo: dry and liquid bulk, breakbulk, forest products, fertilisers, agricultural products, metals and minerals, sugar and fruit. Its network includes assets in Antwerp-Bruges, Rostock, Venice and Port-la-Nouvelle, as well as inland ports and terminals. Manuport Logistics, a group company, will continue to operate with its own brand and distinct market positioning.
The signing of the agreement concludes a process that began in 2024, when SFPIM and PMV acquired a stake in Thaumas from R-Logitech on 19 June under an agreement intended to fund repayment of the company’s maturing mezzanine debt. Five days later, R-Logitech announced that it was no longer the majority shareholder and intended to pursue the sale of the entire 53% stake alongside the two Belgian public investors. For APMC, this is its second investment in a European port group, following its acquisition in February 2025 of 51% of Spain’s Bergé, which operates in more than 25 ports across the Iberian Peninsula and France and also has logistics activities in Latin America. The Spanish port authorities granted unconditional approval in September 2025. Both Bergé and Euroports focus on industrial and agricultural cargo, from metals and fertilisers to grain and forest products.
M.G.
