ABP Stake Sold

In a sale that will cost around US$2.3bn, Canadian Pension Plan Invest Board (CPPIC) and Hermes Infrastructure are to purchase a 30% stake in Associated British Ports with a view to purchasing a further 3%.

PTI previously reported that a number of global investors were preparing their bids in order to obtain the 30% slice of the organisation that currently owns and operates around 21 ports across the UK.

In the West Australian, Cressida Hogg, Managing Director and Global Head of Infrastructure at CPPIB, said: “This investment is an important addition to our global infrastructure portfolio and fits well with CPPIB's long-term investment mandate.”

The sale follows global investment bank, Goldman Sachs decision to sell its 30% stake in the company, of which ABP said would not result in any operational changes.