A.P. Moller Capital has agreed to acquire a 53.35% stake in Thaumas, the holding company controlling Euroports, in a deal that hands the Copenhagen-based infrastructure investor majority ownership of one of Europe's largest bulk and breakbulk terminal platforms.

The sellers are R-Logitech and two Belgian public investment groups, SFPIM and PMV. The Belgian institutions will stay on as minority shareholders after completion, while R-Logitech exits. No price has been disclosed. The final consideration, according to R-Logitech, will depend on Euroports' consolidated EBITDA for the year ending December 31, 2026 — an earn-out structure that ties the payout to trading performance over the next two years. The transaction still requires regulatory and competition approvals, which the parties expect during the first quarter of 2027.

Scale of the platform

Euroports operates more than 50 deepsea and inland terminals across 10 European countries and China. The group handles in excess of 70m tonnes of dry bulk, breakbulk and liquid bulk cargo annually and employs around 3,000 people. Beyond its terminal network, Euroports controls Manuport Logistics, a freight forwarding business operating in more than 20 countries — meaning the deal gives A.P. Moller Capital exposure not just to port infrastructure but to a forwarding layer that feeds it.

For bulk shippers across European trade lanes, the change of control signals a deep-pocketed owner with a stated infrastructure mandate. A.P. Moller Capital sits within the A.P. Moller Holding universe, the family-controlled group behind Maersk, and has been steadily building a transport infrastructure portfolio.

Second European port bet

The Euroports transaction is A.P. Moller Capital's second major European port investment. Last year the investor completed the acquisition of a 51% stake in Spanish port and logistics operator BERGÉ, which runs operations across Iberia and Latin America. Taken together, the two deals give the Copenhagen investor controlling positions in terminal platforms spanning the Mediterranean-Atlantic flank of Europe and the bulk and breakbulk gateways of northern Europe — plus a foothold in China through Euroports' network.

For carriers and forwarders serving breakbulk and bulk trades, consolidation under an infrastructure investor with patient capital could translate into steadier investment cycles at terminals, particularly in handling equipment and inland connections. Manuport Logistics, as the forwarding arm, gains a shareholder with interests across the port chain — a positioning that may sharpen competition with vertically integrated rivals.

R-Logitech's exit

The sale caps a structured process. The Euroports stake had been formally put through a structured sale process as R-Logitech worked on a wider restructuring of its balance sheet. Proceeds attributable to R-Logitech from the transaction are earmarked, in part, for repayment of secured financing and outstanding noteholder claims — a signal that the seller's motivation was deleveraging rather than portfolio strategy.

That context matters for counterparties. R-Logitech, the logistics arm of Monaco-based family group Revilo, had been under financial strain, and creditors will now watch whether the EBITDA-linked consideration fully addresses noteholder claims once the 2026 accounts are audited. SFPIM and PMV, as Belgian state-linked investors, choosing to roll their stakes into the new structure rather than exit suggests confidence in the platform's standalone economics.

What happens next

The regulatory clock now runs into early 2027, with competition approvals expected in the first quarter of that year. Until then, Euroports operates under its current ownership, and the terminal network's commercial terms remain unchanged for shippers and carriers.

The deal reinforces a broader pattern: institutional and family-office capital continues to flow into European port infrastructure, attracted by the steady cash flows of bulk and breakbulk handling even as container shipping grabs the headlines. With A.P. Moller Capital now holding majority positions in both BERGÉ and Euroports, further bolt-on investment across the combined network — and potential synergies between the Iberian and northern European platforms — looks the likely trajectory once approvals land.