Milbank LLP advised Rimorchiatori Mediterranei (“RM”), a leading harbor towage operator headquartered in Italy and subsidiary of Rimorchiatori Riuniti Group, on the acquisition of Keppel Smit Towage Private Limited (“KST”) and Maju Maritime PTE Ltd (“Maju”), two major providers of harbor towage services based in Singapore and Malaysia.
Through a separate team, Milbank also represented thelenders to RM on the financing of the acquisition.Through the transaction, RM entered an agreement with Smit Singapore Pte Ltd and KS Investments Pte Ltd (wholly owned subsidiaries of Boskalis and Keppel respectively) to acquire 100% of KST and Maju. The deal was signed in November 2021 after a highly competitive bidding process and closed in June 2022 after obtaining approval from the Singapore Maritime Port Authority.
Following completion of the transaction, RM became the third-largest towage operator in the world. The Group has a fleet of 170 vessels operating in Europe, Asia and South America with over 1,000 employees. The acquisition is expected to support RM’s growth and internationalization strategy, and KST and Maju’s strong existing ESG efforts provide opportunity for the group to continue striving towards a sustainable future.
“We’re thrilled to have advised our client on this significant milestone, expanding their existing strong presence in the Mediterranean into South East Asia,” said Singapore-based Milbank partner Jacqueline Chan. “This complex cross-border transaction spanned three jurisdictions, Singapore, Malaysia and Italy, allowing our lawyers to demonstrate their international expertise across regions and practices.”
The Milbank deal team was led by Ms. Chan and Hong Kong-based partner Leveraged Finance Davide Mencacci. The team also included Rosaline Yusman, Daniele Sutto* and David Zhu.
*Admitted in Italy, not yet admitted in England and Wales.
