OOIL sells Long Beach terminal for $1.8 billionChristian Fernsby ▼ | May 1, 2019
Hong Kong-based Orient Overseas International Ltd. (OOIL) said that it will sell Long Beach Container Terminal (LBCT) to a consortium led by Australia’s Macquarie Group for $1.78 billion.
Acquisition OOIL was the terminal operator under a lease agreement with the port
The sale is undertaken pursuant to the National Security Agreement entered into by OOIL, Faulkner Global Holdings Limited, a subsidiary of COSCO SHIPPING Holdings Co., Ltd, and the U.S. Department of Homeland Security and the U.S. Department of Justice on July 6, 2018, under which OOIL committed to divest its ownership of the Long Beach Container Terminal business.
As part of the sale, Orient Overseas Container Line Limited (OOCL), a subsidiary of OOIL, will also enter into a Container Stevedoring and Terminal Services Agreement with LBCT LLC for a 20-year period, confirming its significant long-term commitment to LBCT. ■