IFM Investors to Acquire Majority Stake in Associated British Ports for £10 Billion
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Australian infrastructure investor IFM Investors has agreed to acquire a controlling stake in Associated British Ports (ABP), Britain's largest port operator, in a deal that values the company at more than £10 billion ($13.4 billion). ABP confirmed the binding agreement in an announcement on the London Stock Exchange.
Deal structure
The transaction involves Canadian pension funds CPP Investments and OMERS selling their combined 63.88% stake, according to Splash 247 and Splash Cruise, to Global Infraco Haven Bidco, an indirect subsidiary of the IFM Global Infrastructure Fund. Jornal Portuario, meanwhile, placed that combined stake at 63.9% and the deal's value at around £10 billion. The financial terms were not officially disclosed, although the Financial Times had reported a valuation of more than £10 billion.
Competition for control
The Australian group prevailed over other parties interested in the deal, including private equity firms KKR and Apollo, and Indian businessman Gautam Adani. The agreement ends two decades of Canadian involvement in ABP: OMERS had been part of the consortium that took the company private in 2006 for £2.8 billion, while CPP Investments had acquired its stake in 2015. Singapore's sovereign wealth fund GIC and Kuwait's Wren House Infrastructure remain as minority investors.
ABP's operations
ABP operates 21 ports across Britain, including Southampton, Immingham and the Humber port complex, handling around a quarter of the country's seaborne trade. Its operations span containers, vehicles, bulk cargo, cruise ships and offshore energy infrastructure. IFM, owned by Australian and British pension funds, manages close to $96 billion in infrastructure assets globally.
Investments and next steps
The acquisition comes as ABP moves forward with significant investments across its network, including a £500 million development at Port Talbot, Wales, to establish a manufacturing and assembly hub for floating offshore wind energy. Completion of the deal remains subject to regulatory approvals and mandatory national security filings in the United Kingdom.
