P&O completes $323 million sale of cold logistics company
London-based ports and ferries group Peninsular and Oriental Steam Navigation Co. has completed the '183 million ($323 million) sale of its cold logistics business to Canada’s Versacold Holdings Corp.
P&O recently accepted a '3.3 billion ($5.7 billion) takeover offer from Dubai state-owned port operator DP World.
P&O Cold Logistics has more than 3,000 employees located across about 50 sites in the United States, Australia, New Zealand and Argentina. Last year the company posted revenue of '205.6 million ($363 million.)
Under terms of the transaction, P&O will become a material stakeholder of Versacold by agreeing to take back $60 million of a new series of extendible convertible unsecured subordinated debentures of Versacold.