PD Ports has been bought by Canadian-based Brookfield Asset Management.
The sale was completed today and is part of a broader transaction with Australian company Babcock and Brown Infrastructure, owner of PD Ports since 2006.
Brookfield signed an agreement with BBI in October to sponsor a comprehensive restructuring and recapitalisation.
Brookfield formed a new holding company called Brookfield Ports (UK) to complete the purchase of PD Ports.
As cornerstone investor Brookfield will also own up to 40 per set of the restructured entity and a 50 per cent economic interest in Dalrymple Bay Coal Terminal.
David Robinson, PD Ports’ group chief executive officer, said: “I am pleased to confirm that PD Ports is now under the new ownership of Brookfield. 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.
“We very much look forward to working with Brookfield and welcome the positive influence it will have over the longer term ambitions of PD Ports.
“The PD Ports’ management team and staff remain fully committed to delivering value to our customers and stakeholders, whilst progressing with our business strategy,” concluded Robinson.
Sam Pollock, Brookfield’s senior managing partner, infrastructure, added: “We are very pleased that the transaction with Babcock and Brown brings PD Ports into our portfolio of leading infrastructure, renewable power and real estate assets and businesses.
“As long-term, value-oriented investors with a growing global footprint, our investment in PD Ports represents our first foray into ports, a key infrastructure sector with attractive investment characteristics aligned with our other businesses, including stable and predictable cash flows, high quality, long-life assets and a well-established customer base.”