RSS   Newsletter   Contact   Advertise with us

OOIL sells Long Beach terminal for $1.8 billion

Share on Twitter Share on LinkedIn
Christian 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.
Long Beach Container Terminal
Acquisition   OOIL was the terminal operator under a lease agreement with the port
OOIL, which is majority-owned by Cosco Shipping Holdings, was the terminal operator under a lease agreement with the port. It has entered into a Sale and Purchase Agreement to sell 100% of LBCT to the consortium led by Macquarie Infrastructure Partners (MIP). LBCT LLC operates the container terminal in the Port of Long Beach, California, United States.

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.


 

MORE INSIDE POST