Grupo Argos merges port assets

Grupo Argos merges port assets
Published: 05 July 2012

Grupo Argos has been authorised by its Board of Directors to merge its port assets with Muelles El Bosque Operador Portuario (MEBOP) and Terminal Marítima Muelles El Bosque.
The company resulting from the merger will be 50% owned by Grupo Argos and the remaining 50% by the current shareholders of Muelles El Bosque, the Echavarría Obregón family and the Spanish group Ership (property of the Alvargonzález family from Asturias), with whom Grupo Argos has held a relationship of several years as the operators of the port terminal of the Group in Buenaventura.

Muelles el Bosque, founded by Hernán Echavarría Olózaga, was the first private port terminal for public service in the country under the law for privatisation of ports. As for the Alvargonzález family, they have a tradition of over 100 years in maritime transportation, and are currently an important player in the Spanish port sector with activities in several of the main Spanish ports, in addition to shipping and maritime consulting activities.

According to the words of José Alberto Vélez, president of Grupo Argos: "The merger represents a perfect complement for both companies. Grupo Argos contributes significant port assets; Muelles el Bosque, in addition to its terminals, contributes know-how and experience in the operation of public ports. In total, the new company will own seven ports: four on the Caribbean (in Barranquilla, Cartagena and Tolú), two on the Pacific Ocean (in Buenaventura) and one on the Magdalena River”.