Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) said it would record a gain of around JPY 10 billion (USD 89.7 million) following the disposal of its North American subsidiary.
On March 19, 2019, NYK’s ownership stake in NYK Terminals (North America) was transferred to an infrastructure fund vehicle managed by Macquarie Infrastructure and Real Assets.
As explained, the completion of the transaction is part of NYK’s restructuring of the stevedoring operating business in North America.
NYK Terminals (North America) conducts stevedoring operations in North America and was jointly owned by NYK through NYK Ports and MIP III Bluefin B Holdco, a subsidiary of Macquarie Infrastructure Partners III, L.P, and Macquarie Infrastructure Partners III (PV).
The company has not disclosed the price of the transaction.
The gain will be recorded as an extraordinary income in the consolidated financial results for the year ending March 31, 2019, according to the company.