Chile-based company Saam has materialised its acquisition of two concessions in Puerto Caldera, the second largest cargo-movement terminal in Costa Rica.

Saam signed an agreement in September last year to acquire the two concessions from Sociedad Portuaria Regional de Buenaventura (SPBRUN).

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The materialisation has been approved by Costa Rica’s regulatory authorities, and means Saam has been able to control 51% of Sociedad Portuaria de Caldera (SPC), and Sociedad Portuaria Granelera de Caldera (SPGC), whose transferred annual volume totals 5.5 million tonnes.

Saam made a payment of $48.5m for 51% of the share capital of both companies, which jointly reported revenues of $55.5m in 2016.

"The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, and join efforts with knowledgeable, experienced partners."

Saam CEO Macario Valdés said: “At SAAM, we are always in search of new business opportunities that will enable us to continue consolidating our leadership position in America.

“The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, through a well-managed company to which we can add value, and at the same time allows us to join efforts with knowledgeable and experienced partners.”

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The company also noted that the acquisition has enabled it to form a new organisation, which includes Costa Rican companies Saret (21%), Grain Logistics (19%), and Colombian firm Grupo Empresarial del Pacífico (9%).

Saam holds the majority share in the new company.

Image: Puerto Caldera terminal in Costa Rica. Photo: courtesy of SAAM.