Canada’s CPPIB to buy Oaktree’s Ports America in deal worth over $4 billion- sources

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(Businesshala) – The Canada Pension Plan Investment Board agreed on Wednesday to buy marine terminal operator Ports America from investment firm Oaktree Capital Management LP.

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The deal values ​​Ports America more than $4 billion, according to two sources familiar with the matter.

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Under the terms of the deal, which is expected to close by the end of the year, Canadian pension manager Ports America will take full ownership.

CPPIB previously held a 9.4% stake in Ports America.

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“Ports America’s track record of growth, innovation and strong financial profile position the company for success in today’s cargo management and terminal operations environment, and we fully expect that the business will only benefit from this new ownership structure.” will be,” said Emmett McCann, managing director and co-portfolio manager of Oaktree’s infrastructure investment strategy.

Currently, Oaktree has approximately $156 billion in assets under management.

Founded over a century ago, Ports America is one of the largest marine cargo operators in the country and operates at 70 locations in 33 ports in the United States.

The Jersey City, New Jersey-based company currently handles 13.4 million twenty-foot equivalent units (TEUs) annually, including 10 million tons of cargo, 2.5 million vehicles and 1.7 million cruise ship passengers.

Reporting by Sohini Poddar in Bengaluru; Editing by Krishna Chandra Elurik

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