MSC sells part of terminal division
Mediterranean Shipping Company (MSC) has reached an agreement to sell 35% of its terminal division, Terminal Investment Limited SA (TIL), to Global Infrastructure Partners (GIP), the independent infrastructure investment fund.
GIP says that the deal will form a new strategic partnership between itself and the shipping line in a deal worth US$1.9bn. The deal will include certain payments dependent on TIL’s future performance.
Adebayo Ogunlesi, chairman and managing partner, GIP, said: “In line with our strategy of developing best in class ventures with industry leaders, we expect to work closely with MSC in growing and improving this high quality portfolio of container terminal assets.”
For TIL, this deal has been about creating revenue to provide a strong foundation to support the next phase of TIL’s growth – including for future acquisition and investments.
TIL is the world’s sixth largest global container terminal operator – it has, or is in the process of attaining, 30 container terminals globally. It benefits from its relationship with MSC, one of the world’s largest shipping companies.
As well as its latest investment, GIP’s other port sector investments include a joint venture at the Port of Brisbane, Australia where it has a 27% interest, a 50% interest in International Trade Logistics in Buenos Aires, Argentina and a 100% interest in Great Yarmouth Port in the UK.
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