Hapag-Lloyd to buy ZIM for USD4.2b
Hapag-Lloyd has signed a merger agreement to acquire ZIM Integrated Shipping Services for USD 4.2 billion, paying USD 35 per share to ZIM shareholders. The deal brings together the world’s fifth- and tenth-largest container shipping companies (respectively), creating one of the industry’s most significant consolidations in recent years and cementing Hapag-Lloyd as a top-five global container line.
The combined group is expected to operate a fleet exceeding 400 vessels with capacity above 3 million TEU, strengthening coverage across Transpacific, Intra-Asia, Atlantic, Latin America, and Mediterranean trade lanes.
Hapag-Lloyd has signed a binding memorandum of understanding with FIMI Fund to transfer Israel’s Special State Share in ZIM to a new FIMI subsidiary, subject to state approval. FIMI will establish and operate “New ZIM” in Israel under the ZIM brand, supported by a long-term strategic partnership and initial commercial backing from Hapag-Lloyd.
Herzog, Fox & Neeman, together with Cravath, Swaine & Moore, and Hengeler Mueller, acted for Hapag-Lloyd, with Herzog advising on the Israeli law aspects of the transaction. The Herzog team was led by partners Yair Geva, Nir Dash, Tomer Farkash, Daniel Reisner, and Michal Herzfeld, with support from associates Mikael Ben David, Adriana Chiche, and Chanel Broshinsky.
Meitar and Skadden, Arps, Slate, Meagher & Flom represented ZIM, with partners Dan Gevah and Ariel Aminetzah leading the way for Meitar.
Naschitz Brandes Amir represented Fimi.
