A.P. Moller Holding wants to take Svitzer private again

April 2, 2025, by Naida Hakirevic Prevljak

Danish investment company A.P. Moller Holding, the largest shareholder in towage services provider Svitzer, has decided to buy out all of the latter’s shares, moving it from a public company to a private one.

A.P. Moller Holding has, through its wholly owned subsidiary APMH Invest, unveiled a recommended voluntary purchase offer for all issued shares in Svitzer to better support its long-term ambitions.

Svitzer was listed on Nasdaq Copenhagen in April 2024 after Danish shipping and logistics major A.P. Møller – Mærsk A/S (APMM) initiated the separation of its towage and marine services activities in Svitzer through a demerger.

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A.P. Moller Holding said it does not believe that the listing has resulted in the expected investor interest. The listing has thus not created the desired platform for growth, which is essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation. Over time, this may limit Svitzer’s ability to pursue opportunities in the market, as per the company.

“Since Svitzer was listed, the company has consistently delivered results above expectations. However, we have not seen this reflected in the valuation of the share, which means that the listing has not offered a foundation from which Svitzer can grow. We therefore believe that Svitzer is better supported through private ownership and that, with the financial support of A.P. Moller Holding, the company will be better positioned to strengthen its market position and capitalize on the opportunities in the market,” Martin Larsen, CFO of A.P. Moller Holding, commented.

A.P. Moller Holding already owns approximately 47% of Svitzer’s share capital and has secured support for the offer from shareholders which together with A.P. Moller Holding’s existing shareholding represents 61% of Svitzer’s share capital.

A.P. Moller Holding is offering DKK 285 (about $41.26) per share for all issued shares, representing a premium of 42.5% compared to the opening price on the first trading day, a premium of 31.7% compared to the closing price on April 1, 2025, and a premium of 31.3% compared to the three-month volume-weighted average price.

The independent board members of Svitzer recommend in their statement published today that Svitzer’s shareholders accept the offer. The offer is subject to customary conditions including A.P. Moller Holding owning or having received valid acceptance from shareholders with respect to shares representing more than 90% of the total shares in Svitzer, after which A.P. Moller Holding will initiate a compulsory acquisition of any remaining shares and delist the company.

“We see it as our role, through active ownership, to create the best conditions and structures for our portfolio companies to develop positively. We aim to secure Svitzer’s market position and growth and are offering an attractive price above the highest historical closing price and well above current trading, reflecting Svitzer’s strong performance,” Larsen added.

Founded in 1833, Svitzer is today a global port and terminal infrastructure provider, operating in 141 ports and 40 terminals across 37 countries through a fleet of 456 vessels.