HMM Selling Stake in US Container Terminals

HMM Selling Stake in US Container Terminals

Hyundai Merchant Marine (HMM) is planning to raise USD 140 million through the liquidation of its container terminals in the U.S.A., the company said in a release.

HMM has planned to liquidize its shares of California United Terminals (CUT) located in Los Angeles, and Washington United Terminals (WUT) located in Tacoma.

Hyundai Merchant Marine America, which holds 100% of shares in the two terminals, will issue convertible preferred stocks. HMM selected Lindsay Goldberg as a preferred bidder, without mentioning what stake would the U.S. private equity fund hold.

The inspection is planned to be carried out by the end of this month, and the deal is expected to be finalized within the first quarter of 2015.

Press Release; October 13, 2014

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