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MSC expects near US$2 billion agreement to close in the middle of the year
Mediterranean Shipping Company (MSC) has agreed the sale of a 35 percent stake in Terminal Investment Limited (TIL), the world’s sixth largest container terminal operator, for US$1.929 billion to Global Infrastructure Partners (GIP) and a group of its LP Co-Investors.
In a statement, MSC said that the deal, which will include payments contingent on TIL’s future performance, is expected to close in the middle of the year and remains subject to approval.
“We’re extremely pleased to have joined forces with GIP, one of the largest and most experienced infrastructure funds,” said MSC vice president Diego Aponte.
“Through this partnership we are reinforcing our terminal division, which will enable us to capitalise on future opportunities and growth.”
TIL has, or is in the process of acquiring, controlling or joint-controlling interests in 30 container terminals globally serving North and South America, Europe, Africa, the Middle East and Asia.
“We are delighted to enter into this exciting new partnership with MSC,” commented chairman and managing partner of GIP, Adebayo Ogunlesi.
“This is in line with our strategy of developing best-in-class joint ventures with industry leaders. We expect to work closely with MSC in growing and improving this high quality portfolio of container terminal assets.”
GIP will play an active role with Alistair Baillie joining TIL as President.
