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U.K. investment group acquires port of Liverpool operator

U.K. investment group acquires port of Liverpool operator

   Peel Ports, a division of the British real estate, airport and port investment group Peel Holdings, is bidding to acquire Mersey Docks and Harbour Co., the operator of the ports of Liverpool, Heysham, Sheerness and Chatham, for '771 million ($1.4 billion).

   Under the terms of the deal, Mersey Docks shareholders will receive 982p ($17.86) per share.

   Peel Ports, which operates the port of Clydeport and the Manchester ship canal, said the acquisition of Mersey Docks “would create one of the largest ports groups in Europe.” The enlarged ports group will have revenues of more than '400 million ($727 million) and over 2,100 employees.

   Commenting on the acquisition, Gordon Waddell, chairman of Mersey Docks, said: “We believe Mersey will prosper as part of a larger, more diversified ports operation under Peel’s ownership.”

   The takeover is subject to the approval of shareholders and regulatory authorities.

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