PSP Investments finalises Forth Ports transaction
Published by Claire Cuddihy,
The Public Sector Pension Investment board (PSP Investments) has closed the Forth Ports Ltd transaction. PSP Investments has sold minority stakes in Forth Ports Ltd to long-term investment partners, including GLIL Infrastructure (GLIL), First State Super, and Construction and Building Unions Superannuation (Cbus).
Forth Ports is a dynamic, UK-based multimodal ports owner and operator, with ports serving as logistical gateways across the UK, connecting the UK with Europe and the rest of the world. It owns and operates eight commercial ports on the Firth of Forth, the Firth of Tay and the Thames, with strategic positions in Tilbury (London), Grangemouth and Dundee.
Tilbury is the site of a major new port terminal, Tilbury 2, while the Port of Dundee is the site of the growing offshore wind sector and North Sea oil and gas decommissioning industries.
“We are very pleased to be partnering with such high-quality global investment firms to deliver on our ambitious expansion and investment programme around the UK,” said Charles Hammond, Group Chief Executive of Forth Ports.
“This now gives the Group a long-term stable shareholding base which will help and support us in implementing our growth strategy. We look forward to continuing our long and stable association with PSP Investments, while at the same time commencing a new partnership with First State Super, Cbus and GLIL.”
“Following our acquisition of Arcus European Infrastructure Fund 1 LP’s stake in Forth Ports, we are very excited to partner with First State Super, Cbus and GLIL as we commence the next phase of the company’s development, led by Forth Ports’ stellar management team,” said Patrick Samson, Managing Director and Head of Infrastructure Investments, PSP Investments.
“We will continue to own a majority of Forth Ports, which will form a core part of our UK infrastructure investments portfolio.”
Read the article online at: https://www.drybulkmagazine.com/ports-terminals/11102018/psp-investments-finalises-forth-ports-transaction/
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