Mitsui & Co., Ltd. has announced its decision to acquire the remaining 50 percent stake in ITC Rubis Terminal Antwerp NV, making the company a wholly owned subsidiary. The acquisition, agreed on 2 April 2025, marks a significant strategic move for Mitsui in strengthening its presence in the European tank terminal sector. A share purchase agreement has been signed with Tepsa Infra SAS, the current co-owner.
ITC Rubis, based in Antwerp, Belgium, specialises in the storage, handling, and logistics of liquid chemicals. Established in 2008 as a joint venture between Mitsui and Tepsa (formerly Rubis Terminal Infra SAS), the terminal began operations in 2010 and has grown to a current storage capacity of approximately 300,000 cubic metres. Antwerp’s strategic location as a European chemical logistics hub has played a key role in the company’s development.
With ITC Rubis becoming a wholly owned subsidiary, Mitsui will fully consolidate its earnings from the terminal and plans to actively pursue further expansion. The acquisition also aligns with the company’s broader strategy to deepen its involvement in global infrastructure and logistics.
Key Terms of the Acquisition
-
Ownership Change:
-
Before: Mitsui & Co. Group 50 percent (35 percent Mitsui & Co. Europe Ltd., 15 percent Intercontinental Terminals Company LLC); Tepsa 50 percent
-
After: Mitsui & Co. Group 100 percent (85 percent Mitsui & Co. Europe Ltd., 15 percent Intercontinental Terminals Company LLC)
-
-
Acquisition Cost:
-
50 percent of shares: approximately EUR 135 million (around JPY 21.9 billion)
-
Mitsui also plans to underwrite a loan of approximately EUR 37 million (about JPY 6 billion) from Tepsa to ITC Rubis
-
ITC Rubis Terminal Antwerp NV Overview
-
Location: Antwerp, Belgium
-
CEO: Filip Masquillier
-
Business: Tank terminal operations for liquid chemicals
-
Capital: EUR 66 million
-
Established: February 2008
In terms of financial performance (in million JPY, with EUR/JPY at 160), ITC Rubis has shown steady growth:
| Fiscal Year Ending | Total Assets | Net Assets | Revenue | Profit |
|---|---|---|---|---|
| December 2022 | 45,973 | 18,482 | 6,054 | 1,327 |
| December 2023 | 47,529 | 20,044 | 7,540 | 1,562 |
| December 2024* | 51,850 | 21,869 | 8,001 | 1,825 |
*Pre-audit provisional results
Outlook
The acquisition is expected to be completed in the fiscal year ending March 2026, pending necessary regulatory approvals. Upon completion, Mitsui plans to revalue the fair market value of its existing shares in ITC Rubis, anticipating a valuation gain of approximately JPY 9 billion to be recorded in its consolidated financial results for the same fiscal year.
Through this acquisition, Mitsui reinforces its commitment to expanding its logistics and infrastructure footprint in Europe while leveraging its global network and operational expertise.
For more information visit www.mitsui.com
