20 Feb 2023 10:48

Maersk exits logistics sector in Russia, sells warehouses in St. Petersburg, Novorossiysk

COPENHAGEN. Feb 20 (Interfax) - Danish transport and logistics company A.P. Moeller-Maersk A/S has sold its logistics assets in Russia.

"Maersk has entered into an agreement to divest its logistics sites in St. Petersburg and Novorossiysk to IG Finance Development Limited. Maersk divesting the two sites is a consequence of the company's decision made in March 2022 to discontinue activities in Russia," the company said in a press release.

The transaction has received the necessary regulatory approvals in the EU and Russia, and after acquiring the assets, IG Finance Development Limited entered into an agreement with Arosa, a major food importer in Russia, to manage the St. Petersburg and Novorossiysk facilities, the release said.

"Because no additional approvals are required, the sale is complete and effective February 17, 2023," Maersk said.

"We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country. Throughout the divestment process, we have as a company felt a strong responsibility towards the remaining 50 employees at the two sites, and we are happy that they will be offered employment as part of the new setup," Karsten Kildahl, Chief Commercial Officer of Maersk, said in the release.

The terms of the deal were not disclosed, the Maersk press service told Interfax.

Maersk earlier announced the cessation of operations on the Russian market, with all services to and from Russia discontinued in the first quarter of 2022. In the third quarter, the company closed a deal to sell a 30.75% stake in Global Ports Investments.

The process of selling the remaining assets in Russia, two warehouses and four tugboats, is continuing, the company said in a report in February 2023.