Smit International Overseas BV (Smit International), the Netherlands based logistics services providing company and a subsidiary of Smit Internationale NV, the listed Netherlands based maritime services provider has acquired a 50% stake in Towage & Marine Assistance UAB, the Lithuania based company providing ship assistance and all marine related services, for a consideration of EUR 15.5m, valuing the company at EUR 30m.

Under the terms of agreement, Towage & Marine and Smit International have formed a joint venture Towmar Smit Baltic, UAB based in Klaipeda seaport, Lithuania. Towage & Marine will contribute all of its business including tugboats, employees, shares in subsidiaries SIA Towmar and SIA Tug Services to the joint venture for a 50% stake in the joint venture company. The transaction has been approved by the Lithuanian competition authority.

~ Mergermarket

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