Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure have completed the acquisition of a 33.33% stake in Associated British Ports from GS Infrastructure Partners and Infracapital.
All closing conditions and regulatory approvals have been met for the transaction, which was first announced on 31 March 2015.
The current shareholder structure of ABP is the following:
ABP is the U.K.'s leading ports group; it owns and operates 21 ports in England, Scotland, and Wales. ABP's business as a landlord port owner and operator is underpinned by a diverse cargo base, long-term contracts with a broad mix of blue chip customers and high quality assets.
ABP was taken private in 2006 for £2.8 billion by the above mentioned consortium. At that moment, ABP was de-listed from the London Stock Exchange. In 2013 ABP had revenue of £503.8 million (+6.8 % compared to 2012) and an underlying operating profit of £250 million (+8.8 % compared to 2012). Traffic figures also grew at around 4 % during 2013.
CPPIB is a significant investor in the U.K. and Europe with a total of £23.5 billion (C$44.3 billion) invested across a variety of asset classes as of 31 March 2015. Globally, CPPIB's infrastructure portfolio totalled £8.1 billion (C$15.2 billion) for the same time period.
Hermes Infrastructure, part of Hermes Investment Management which manages £30.1 billion and advises on £124 billion through ESG and stewardship services, invests in high quality infrastructure assets on behalf of its clients and is focused on delivering enhanced risk-adjusted returns for investors.