The transport and logistics firm, Bollore has sold its African operation – Bollore Africa Logistics.
The agreement sealing the deal with the Mediterranean Shipping Company (MSC), the new owners, was announced last Thursday.
According to a statement from the French company, the deal costs $6.3 billion. The statement also says the deal is awaiting regulatory approval.
The takeover by MSC is part of its plan to diversify its activities further to include overland transportation, logistics and a growing portfolio of port terminal investments, according to the Swiss-Italian container shipping giant.
Bolloré was founded by the family of French billionaire Vincent Bolloré. Its business in Africa involve shipping, logistics, and terminal operations. It also has interests in areas like energy and agrobusiness.
Bollore African Logistics is present in 47 countries, including Sierra Leone, where it operates the Freetown container terminal at the Queen Elizabeth II Quay under a 20-year concession agreement.
Bolloré Ports acquired the concession for the Freetown Terminal in 2011. It was part of the Ernest Bai Koroma administration’s plan to enhance the port’s operation facilitate business between Sierra Leone and the outside world.
Since then the Freetown Terminal has undergone major transformation to attain international standards.
Bollore claims to employ nearly 400 Sierra Leoneans. It is unclear what this takeover will mean for these people.
Bollore is also involved in the agribusiness sector in Sierra Leone through its subsidiary, SOCFIN, which has been at the center of a row over its destructive impact on local landowners in the southern district of Pujehun.
News about the deal with MSC first emerged in January, following rumors of Bollore’s intention to vacate its African operation.
If approved, this acquisition will solidify MSC’s position as the leader in container shipping, ahead of Maersk Company, which held the position for decades.
MSC is currently present in 155 countries and facilitates international trade between the world’s major economies, and among emerging markets across all continents.
Founded in 1970 and headquartered in Geneva, Switzerland, since 1978, MSC is privately-owned.
