Posted on: 5 June 2023
Watson Farley & Williams (WFW) has advised Pangaea Logistics Solutions Ltd. (Pangaea) on its acquisition of marine port terminal operations in Port Everglades/Fort Lauderdale and Port of Palm Beach in Florida, and the Port of Baltimore, Maryland from Host Terminals LLC (Host), in an all-cash transaction.
Under the terms of the agreement, Pangaea will acquire all onshore assets, licences and business operations related to the acquired Host terminal operations. Through this acquisition, Pangaea will expand its North American terminal network to include the mid-Atlantic and south-eastern US. The acquisition will provide additional dry bulk distribution capabilities within growing commerce centers while augmenting its integrated ocean freight and shoreside solutions offering.
Pangaea is a global provider of seaborne dry bulk logistics and transportation services to a wide range of industrial customers requiring transportation of a variety of different dry bulk cargoes. Its fleet of vessels transports around 23m tons of cargo annually.
Host, a subsidiary of T. Parker Host, is an experienced terminal operator and stevedore, offering stevedoring services in bulk, breakbulk and containerised shipping.
The WFW New York Corporate team that advised Pangaea was led by Partner Steven Hollander working closely with Associate Phillip E. Carnevale, Counsel Todd E. Johnson and Assets and Structured Finance Partners Daniel Rodgers and Chris Belisle. Partner Daniel Pilarski advised on tax aspects of the deal.
Steven commented: “We are pleased to have been able to assist in the successful execution of this acquisition, which will help Pangaea achieve its goals of expanding its logistics operations. This deal highlights the breadth and depth of our New York corporate and M&A practice and the experience our lawyers have in handling large-scale maritime and infrastructure acquisitions.”
Jones Walker LLP acted as Host’s legal counsel.
