Singapore’s GIC Buys Share in MSC’s Box Terminal Operator

MSC containershipIllustration. Source: Pixabay under CC0 Creative Commons license

Singapore’s sovereign wealth fund GIC has acquired a 10% interest in Mediterranean Shipping Company’s container terminal operator Terminal Investment Limited (TIL).

The stake in the sixth largest terminal operator in the world, which handles container volumes of the 2M shipping alliance partners, was purchased from Global Infrastructure Partners (GIP) and other existing co-investors, GIC informed.

“We are pleased to invest in TIL, given its strong business alignment with its majority shareholder, MSC, and attractive growth potential from its pipeline of both existing and new terminals,” Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said.

“We expect TIL to be well-placed to benefit from the increasing demand for containerized goods as the global middle class and manufacturing outsourcing continue to expand. As a long-term investor, we look forward to partnering with MSC, TIL’s management and GIP to support the future growth of the company.”

In early April 2019, Terminal Investment Limited has, through its subsidiary Itaterminaux S.à.r.l., reached an agreement to take over control of Medcenter Container Terminal S.p.A. from Contship Italia.

The parties did not disclose the terms of the transaction, for which the regulatory approvals are still pending. Negotiations on the sale were launched in mid-March 2019.

If completed, the transaction would see TIL hold 100% of CSM Italia Gate S.p.A., that owns 100% of MCT, and will therefore indirectly control all the shares of MCT.

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