Initially announced in December 2021, the ports group signed an agreement to take on 100 per cent of the shares of the logistics solution provider from New York-based private equity firm Greenbriar Equity Group, L.P. (Greenbriar).
Together, both parties will extend their logistics ecosystem with solutions that focus on supply chain orchestration and cargo flow optimisation.
The acquisition aims to add strength and depth to PSA’s logistics and supply chain offerings beyond the port.
Customers of BDP will also benefit from additional insights and connectivity to the ports group’s global network of deep sea, rail, and inland terminals, as well affiliated businesses in distriparks, warehouses and marine services.
“I am pleased to welcome BDP’s over 5,000 talented employees into the PSA family,” said Tan Chong Meng, Group CEO of PSA International.
“Leveraging our complementary capabilities and footprints, we envision a future that will bring out the best of both BDP and PSA, unlocking greater value for cargo owners, creating new opportunities for business growth, and enabling fresh innovations for more agile, resilient, and sustainable supply chains.”
Mike Andaloro, CEO and President of BDP, added: “BDP is thrilled to join the PSA team. We look forward to co-authoring the next chapter in our combined growth story.
“This transformative acquisition presents us with the unique opportunity to re-imagine supply chain solutions by combining the strengths of our asset-light solutions model with PSA’s impressive global infrastructure. We look forward to working alongside the talented team at PSA to innovate new, resilient solutions for our customers.”
Last month, PSA released its operational and financial results for 2021, posting revenues of $4.6 billion, a year-on-year increase of 11.7 per cent.
The group also handled a total of 91.5 million TEU last year, an increase of 5.6 per cent compared to 2020.