A.P. Møller Capital has agreed to buy a 53.35% stake in Thaumas N.V., the holding company that indirectly owns Euroports, handing the Danish investment firm majority control of one of Europe's largest non-containerized port operators.

The share purchase agreement, signed on September 25 with sellers R-Logitech S.A., Belgian federal investment company SFPIM and Flemish investment company PMV, was disclosed in a regulatory filing by R-Logitech Finance S.A. A.P. Møller Capital is the investment arm of A.P. Møller Holding — the parent group that also controls A.P. Møller-Mærsk — and focuses on transportation, logistics and energy infrastructure under CEO Kim Fejfer.

What changes hands

Euroports operates more than 50 deep-sea and inland port terminals across 10 European countries and China. The group handles over 70 million tonnes of bulk, breakbulk and liquid bulk cargo each year — fertilisers, agribulk, sugar, fruit, forest products, metals and minerals — and employs around 3,000 people. It also runs Manuport Logistics (MPL), an independent freight forwarding business active in more than 20 countries.

For shippers moving dry bulk, breakbulk and liquid cargoes through European gateways, the immediate commercial impact is limited. A.P. Møller Capital said the consortium it will lead alongside remaining shareholders SFPIM and PMV plans to preserve Euroports' existing management structure, governance framework and strategic direction.

"The current management team has successfully achieved stable growth over the years and will continue under the new ownership structure," the firm said.

Price tied to 2026 results

The purchase price has not been disclosed. It will depend on Euroports' consolidated 2026 EBITDA, calculated under IFRS from unaudited management accounts, meaning final consideration will only be fixed once the contractual valuation process concludes. That structure links the sellers' payout to the terminal group's near-term operating performance.

Completion remains subject to regulatory, competition and other government approvals, expected in the first quarter of 2027, according to R-Logitech.

Portfolio logic

Kim Fejfer, Managing Partner and CEO at A.P. Møller Capital, framed the deal around the strategic weight of non-container infrastructure. "As one of the largest non-containerized port-infrastructure operators in Europe, Euroports plays a critical role in facilitating the movement of essential commodities through infrastructure that underpins European industry, food systems and manufacturing," he said.

"We see significant long-term value in combining Euroports' strong operational platform with A.P. Moller Capital's industrial expertise and long-term investment approach. Together with SFPIM, PMV and the management team, we look forward to developing Euroports' position as a leading provider of critical logistics infrastructure and helping ensure that important trade flows remain efficient, reliable and resilient."

Euroports Group CEO Frédéric Platini echoed the growth framing: "Euroports plays a vital role in global logistics networks, with critical infrastructure assets and a compelling service offering for essential commodities. This transaction marks the beginning of a new chapter for Euroports, providing a strong basis to continue its growth trajectory, pursue new opportunities and build on the solid foundations that have underpinned its success to date."

The investment follows A.P. Møller Capital's purchase of BERGÉ Logistics, a leading Spanish port infrastructure and logistics company, and adds another major European port asset to the wider A.P. Møller portfolio. A.P. Møller-Mærsk operates APM Terminals, while A.P. Møller Holding separately acquired Ocean Yield in July, extending a maritime and infrastructure expansion track.

With management continuity pledged and Belgian state-linked investors staying in the shareholder register, the practical test for cargo owners will come after closing — whether fresh capital and a long-horizon owner accelerate terminal investment across Euroports' 70-million-tonne bulk and breakbulk network from 2027 onward.