PD Ports sold to new investors
Major U.K. ports operators PD Ports said Friday it has sold 100 percent of the equity in its business to Canadian-based equity fund Brookfield Asset Management.
The sale was part of a broader transaction with Babcock & Brown Infrastructure, in which Brookfield led a recapitalization of BBI. A new entity, Brookfield Ports, was formed to complete the purchase of the ports group from BBI, which had owned PD Ports since 2006.
Financial details of the sale were not disclosed.
PD Ports operates container, bulk and car terminals, primarily in the northeast of England. Its biggest facility is Teesport, in Middlesbrough, one of the country's three biggest ports.
'I am pleased to confirm that PD Ports is now under the new ownership of Brookfield,' said David Robinson, PD Ports' group chief executive officer. 'This is very positive news and will enable PD Ports to move forward and focus on growing our business. As a result of the sale, PD Ports has a new financial structure, which will provide a stable platform to support our future growth and development.'
PD Ports sold to new investors
