Arias, Fábrega & Fábrega acted as counsel in the incorporation of the two companies' assets. The partnership will merge the two companies' assets in Brazil, Canada, Colombia, Mexico and Panama and was completed through two joint ventures.

SAAM received a 51 per cent stake in those regions' operations while SMIT obtained the smaller 49 per cent share. Owing to the two companies' comparable asset base, neither party made an additional equity contribution.

SAAM and Boskalis are set to operate in the aforementioned jurisdictions under the name SAAM SMIT Towage. The partnership will manage a fleet of over 100 tug boats with access to more than 30 ports and terminals across the Americas. The boats are used in the commercial shipping business to maneuver large ships into ports and canals.

This deal was awarded the 2014 Finance Monthly Deal Maker of the Year Award.