We advised A.P. Moller – Maersk and Svitzer Group on the demerger and commencement of trading in shares of Svitzer Group

Davis Polk advised A.P. Moller – Maersk A/S and Svitzer A/S on the separation and listing of A.P. Moller – Maersk’s towage and marine services activities through a demerger of Svitzer. Pursuant to the demerger, shares in Svitzer and its subsidiaries, as well as certain other assets and liabilities, have been contributed to a new company, Svitzer Group A/S, that has issued new shares to the shareholders of A.P. Moller – Maersk. Following the satisfaction of customary closing conditions, including approval of the shareholders of A.P. Moller – Maersk, completion of the demerger and commencement of trading in shares of Svitzer Group occurred on April 30, 2024. Svitzer Group’s shares are admitted to trading and official listing on Nasdaq Copenhagen under the symbol “SVITZR.”

This transaction is the latest in a series of deals that Davis Polk has advised on for A.P. Moller – Maersk, including the demerger and separation of its offshore drilling activities through a demerger of Maersk Drilling in April 2019 and subsequent combination of Maersk Drilling and Noble Corporation in October 2022, as well as Maersk’s $7.45 billion disposal of Maersk Oil to Total in August 2017.

Svitzer Group is a towage and marine services provider, providing critical infrastructure services in ports and terminals across the globe. Headquartered in Copenhagen, Denmark, Svitzer Group provides mission critical port and terminal infrastructure services to approximately 2,000 customers at 141 ports and 40 terminals in 37 countries, with approximately 4,000 employees globally through a fleet of 456 vessels. Svitzer Group’s tailor-made marine support solutions include harbor towage and terminal towage services, and related marine services, including line handling, firefighting and emergency response.

Headquartered in Copenhagen, Denmark, A.P. Moller – Maersk is a global enterprise with over 130,000 employees in 130 countries. The company’s principal businesses comprise its integrated container shipping, ports and logistics businesses.

The Davis Polk corporate team included partner Connie I. Milonakis and associate Francesco Mancuso. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. All members of the Davis Polk team are based in the London office.

Davis Polk worked alongside Gorrissen Federspiel, as Danish legal counsel to A.P. Moller – Maersk and Svitzer, with a team led by corporate partners Rikke Schiøtt Petersen, Anders Ørjan Jensen and Louise Celia Korpela.