OOIL completes sale of Vancouver/NJ terminals

OOIL has sold the Deltaport and Vanterm terminals in the Port of Vancouver and the Global Terminal in Bayonne, New Jersey, in the Port of New York/New Jersey, to the Ontario Teachers’ Pension Plan Board.

To complete the sale, the company has obtained the following required regulatory approvals: early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; issuance of an Advance Ruling Certificate under the Canadian Competition Act, as amended; and approval by the Committee on Foreign Investment in the US under provisions of the Exon-Florio amendment.

The Vancouver Port Authority has granted consent for the sale of the Deltaport and Vanterm terminals. In addition, the sale of the Terminal Division received unanimous approval from OOIL’s shareholders. The sale of the New York Container Terminal on Staten Island, New York will be completed when consent is received from the New York/New Jersey Port Authority.