The United Arab Shipping Company (UASC) has announced the completion of the container shipping company's merger with Hapag-Lloyd AG. Regulatory and contractual approvals are expected to be received by the end of 2016.
This strategic merger makes a lot of sense for both carriers – as we are able to combine UASC's emerging global presence and young and highly efficient fleet with Hapag-Lloyd's broad, diversified market coverage and strong customer base. Furthermore it will give the new Hapag-Lloyd access to Ultra Large Container Vessels.- CEO, Hapag-Lloyd
According to UASC officials the new entity will remain a registered, stock-listed company in Germany, with its head office located in Hamburg. Moreover, Compañía Sudamericana de Vapores (CSAV), HGV (City of Hamburg), and Kühne Maritime GmbH (Kühne Maritime) will maintain their position as controlling shareholders of Hapag-Lloyd, while the majority shareholders of UASC, Qatar Holding LLC (QH), and The Public Investment Fund of the Kingdom of Saudi Arabia (PIF), will become new shareholders of Hapag-Lloyd; holding 14 percent and 10 percent, respectively.