Australia’s Macquarie Group Ltd is planning to sell its North American port facilities business, Ceres Terminals, for around $1 billion.
The financial conglomerate acquired full control of the general cargo stevedoring operations in 2019 from Tokyo-based shipping and logistics firm Nippon Yusen Kaisha (NYK Line), Reuters reported.
Ceres moves approximately 4.3 million containers annually at several major ports in the US.
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Macquarie, which last week reported record annual profit, is looking to sell Ceres as the fund that currently manages the operations, Macquarie Infrastructure Partners III, will be shutting down over the next 12 to 18 months, reported Reuters as per WSJ.
This comes almost a year after Ceres Terminals (Ceres) announced the opening of a new permanent pop-up container yard in the Greater Houston area to keep US congestion at bay.