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APM Terminals divests Virginia

APM Terminals is divesting its facilities in the Port of Virginia, on the US East Coast, to Infrastructure Partnership. The price has not been made public, though estimates put it in the vicinity of USD 450 million.

APM Terminals has now decided to let completely go of Virginia by divesting its terminal in the port, says the company in a statement.

The buyer consists of affiliates to investment funds managed by Alinda Capital Partners and Universities Superannuation Scheme Lt., and the divestment comes approximately 18 months after the port authority declined a billion-dollar offer from Maersk to privatize the state-owned port. The new owner of the terminal will raise USD 450 million for the acquisition, the same sum APM Terminals spent when it purchased the facility seven years ago. However, it has not yet been made public whether this is the price APM Terminals is asking for the transaction.

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