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Boluda bolsters towage business with Smit Lamnalco acquisition

Posted on February 15, 2023

Spain’s Boluda Corporación Marítima has struck a deal to acquire the world’s fifth-largest towage operator, Smit Lamnalco, a joint venture between the Dutch Boskalis Group and Saudi Arabia’s Rezayat Group.

The acquisition, for an undisclosed price tag, will add around 111 vessels to Boluda Towage’s division and enable the company to strengthen its foothold in strategic markets such as Australia, the Middle East and West Africa.

Boluda said the deal, which is still subject to regulatory approval in several countries, would make its towage business a world leader, with a fleet of 600 tugboats and high growth potential, as well as the capacity to further consolidate the sector.

“Smit Lamnalco is a solid company with more than 55 years of operational experience, present in more than 20 countries and with more than 1,600 employees worldwide. I have no doubt that this operation will be fruitful for both parties,” remarked Vicente Boluda Ceballos, deputy chairman at Boluda Towage.

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