Ports America Denies Reports on Possible Sale

Image Courtesy: Highstar Capital

US terminal operator Ports America has denied rumors on a possible sale of the company to Turkish port operator Yildirim Holdings or any other parties. 

“At this time Ports America is not in a sale process and is not for sale,” a representative of Ports America told World Maritime News, adding that any reports of a sale “are incorrect”.

The representative further informed that Ports America is owned by Highstar Capital and “expects to continue to be.”

Recent media reports suggested that Yildirim Holdings intends to acquire Ports America. The alleged move is said to be part of the group’s USD 10 billion expansion plan covering ports and mine sector.

In July, Yildirim revealed plans to sell a 24 percent stake in French shipping major CMA CGM to fund the purchase of Ports America Holdings from Oaktree Capital Group – owner of Highstar Capital – with whom Yildirim has an exclusivity agreement valid until the end of July.

Yildirim has been reportedly looking for investors to jointly bid for Ports America.

World Maritime News contacted Yildirim for a comment on the matter, however, the company is yet to reply.

Operating in more than 42 ports and 80 locations, Ports America’s terminal operations and stevedoring services include container, bulk, breakbulk and project cargo, cruise terminals, intermodal facilities and RoRo operations.

World Maritime News Staff

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