Mediterranean Shipping (MSC), through its subsidiary SAS Shipping Agencies Services Sàrl, has agreed to acquire 100% of the share capital of Rimorchiatori Mediterranei from Genana-based Rimorchiatori Riuniti and DWS Infrastructure Investment Business Management Fund. Rimorchiatori Mediterranei is a tugboat operator active in Italy, Malta, Singapore, Malaysia, Norway, Greece and Colombia. The transaction price has not been disclosed.

MSC stressed that the completion of the acquisition is still subject to the approval of the relevant competition authorities. Further details of the terms of the deal, as well as the price of the deal, were not disclosed.

“With this transaction, MSC will further improve the service efficiency of all Rimorchiatori Mediterranei tugboats,” the Swiss company said. Diego Aponte, President of MSC, said: “We are delighted to be part of the next phase of growth and improvement for Rimorchiatori Mediterranei and we look forward to continuing to expand our business.”

Rimorchiatori Riuniti Executive President Gregorio Gavarone added: “Thanks to its global network in shipping and port operations, we believe MSC will be the ideal investor for Rimorchiatori Mediterranei to move towards the next growth point.”

Last month, MSC announced its foray into air cargo with the establishment of MSC Air Cargo, an air cargo company that will start operations early next year. The cash-rich shipping company has also acquired a number of other logistics companies, including Bolloré Africa Logistics and Log-In Logistica.

MSC calls on 500 ports on more than 230 trade routes by equipping the latest green fleet, transporting about 23 million TEUs annually. According to Alphaliner, its container fleet currently carries 4,533,202 TEUs, which means the company has a 17.5% global market share.