MSC Mediterranean Shipping Company S.A. (“MSC”) has reached agreement with Global Infrastructure Partners and a group of its LP Co-Investors (“GIP”) to sell 35% of Terminal Investment Limited SA (“TIL”). Consideration is US$1.929 billion, including certain payments contingent on TIL’s future performance. Closing is expected to take place in the middle of the year and is subject to obtaining the relevant approvals.
TIL has, or is in the process of acquiring, controlling or joint-controlling interests in 30 container terminals globally serving most of the world’s major trade routes and located in North and South America, Europe, Africa, the Middle East and Asia. TIL has grown rapidly over the last decade and is now the world’s sixth largest container terminal operator. TIL’s growth will continue to benefit from its relationship with MSC which is the world’s second largest container shipping company.
The new strategic partnership between MSC and GIP will provide a strong foundation to support the next phase of TIL’s growth, including further acquisitions and investments. GIP will play an active role with Alistair Baillie joining TIL as President.
Diego Aponte, Vice President of MSC, said: “We’re extremely pleased to have joined forces with GIP, one of the largest and most experienced infrastructure funds. Through this partnership we are reinforcing our terminal division, which will enable us to capitalize on future opportunities and growth. This will complement MSC’s strategy to maintain a leading position in the industry.”
Adebayo Ogunlesi, Chairman and Managing Partner of GIP commented: “We are delighted to enter into this exciting new partnership with MSC. This is in line with our strategy of developing best-in-class joint ventures with industry leaders. We expect to work closely with MSC in growing and improving this high quality portfolio of container terminal assets.”
MSC, April 3, 2013