As Announced on March 2, 2023, LOGISTEC Stevedoring Inc., a subsidiary of marine and environmental services provider, LOGISTEC Corporation, is set to acquire Fednav's marine terminal business in Canada and the U.S., including Federal Marine Terminals, Inc. and the logistics division, Fednav Direct ("FMT") for US$105 million. FMT, recognized for marine terminal operations, offers services like stevedoring, cargo handling, and inland transportation. In 2022, FMT reported a revenue of US$89.8 million (around CA$116.8 million). This acquisition adds 11 terminals to LOGISTEC's portfolio, making a total of 90 terminals in 60 North American ports, bolstering its presence in the Great Lakes, U.S. Gulf, and East Coast regions. Madeleine Paquin, LOGISTEC's CEO, expressed enthusiasm about merging with FMT, emphasizing shared values and a history of collaboration. Paul Pathy, Fednav's CEO, stated Fednav's intention to focus on shipping and its expansion in the coming years. Rodney Corrigan, President of LOGISTEC Stevedoring Inc., highlighted the acquisition's alignment with LOGISTEC's expansion goals in marine services across North America. The acquisition is anticipated to finalize by March 31, 2023. It will be funded via a CA$450 million credit facility from BMO Bank of Montréal and TD Securities, who also advise LOGISTEC on the transaction. Fasken is providing legal counsel to LOGISTEC.