Goldman and Infracapital Sell Stake in ABP

GS Infrastructure Partners (“GSIP”) and Infracapital announce the signing of an agreement for the sale of their combined 33.33% stake in Associated British Ports (“ABP”).

A consortium comprising Canada Pension Plan Investment Board (“CPPIB”) and Hermes Infrastructure has agreed to acquire a stake in ABP from GSIP and Infracapital of at least 30%, and may acquire a further 3.33% subject to pre-emption rights.

The transaction values the combined 33.33% stake in ABP held by GSIP and Infracapital at £1.6 billion (on an equity value basis). The transaction is expected to complete in summer 2015, subject to receipt of customary anti-trust clearances.

The financial advisors to GSIP and Infracapital were Goldman Sachs and Gleacher Shacklock. Allen & Overy acted as legal counsel to GSIP and Infracapital.

ABP, who controls 21 ports in the UK, noted last year the sale was not expected to result in any changes at an operational level.