Hyundai Merchant Marine announced that it has entered into a contract with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporation's 100% stake in terminals in Tokyo and Kaohsiung.

Hanjin Pacific Corporation (HPC) which is owned by Hanjin Shipping (60%) and Marine Terminals Investment Limited (40%) operates terminals at ports in Japan (Tokyo) and Taiwan (Kaohsiung).

Total acquisition price is about KRW 15 billion ($13.15 million) including a purchase and security deposit on the lease of the Tokyo port.

With this acquisition, HMM will secure four Hanjin's terminals: TTI Long Beach (20%), Algeciras (100%), Tokyo (100%) and Kaohsiung (100%).

HMM plans to complete the acquisition of Hanjin Pacific's stake followed by detailed due diligence and regulatory approvals for each port.

HMM said This acquisition of Hanjin Pacific's stake will work to expand HMM's port network and strengthen our sales competitiveness. And We greatly expect that it will have a synergistic effect with HMM+K2 consortium, which starts on March 1st.