Denmark’s AP Moller-Maersk has struck a deal to exit its Russian port business.
The container line said its APM Terminals (APMT) unit will sell its entire 30.75% shareholding in Global Ports Investments (GPI) to longstanding Russian partner Delo Group.
London-listed GPI has a market cap of $121m.
Maersk had said earlier this year following the invasion of Ukraine that it was committed to discontinuing activities in Russia.
The binding agreement is subject to regulatory approvals, the giant shipowner said.
Delo Group already owns 30.75% of the shares in GPI.
But Maersk is not giving up on the business entirely.
"The transaction has been undertaken on an arm’s length basis and includes an ability for APMT to re-enter the partnership with Delo in the future," the group said.
Keith Svendsen, chief executive of APMT, said the company will no longer be involved in any entities operating in Russia or own any assets in the country.
Box deal scuppered
APMT has 22,000 staff at 75 terminals globally.
GPI is the largest container terminal operator in the Russian market.
The group owns and operates seven container and multipurpose facilities.
Earlier this month, Maersk was forced to back off from a nearly $1bn deal to sell its refrigerated box-making unit to China International Marine Containers (CIMC) after US officials voiced antitrust concerns.
The companies cited “significant regulatory challenges” in abandoning the deal.
The decision came the same day that US Department of Justice officials said the transaction would consolidate 90% of the world’s refrigerated container construction in Chinese state-linked hands.