It is expected that the deal will be concluded by the middle of the year, subject to obtaining relevant approvals.
According to the GIP announcement, the new strategic partnership between MSC and GIP will provide a strong foundation to support the next phase of TIL’s growth, including further acquisitions and investments, in which GIP will play an active role. Former P&O Ports CEO Alistair Baillie is to join TIL as President.
Serving most of the world’s major trade routes, TIL currently has, or is in the process of acquiring, controlling or joint-controlling interests in 30 container terminals globally, located in North and South America, Europe, Africa, the Middle East and Asia.
Formed in 2000, TIL has grown rapidly and is now ranked as the world’s sixth largest container terminal operator. This growth will continue to benefit from its relationship with MSC.
Diego Aponte, vice president of MSC, said: “We’re extremely pleased to have joined forces with GIP, one of the largest and most experienced infrastructure funds. Through this partnership we are reinforcing our terminal division, which will enable us to capitalise on future opportunities and growth. This will complement MSC’s strategy to maintain a leading position in the industry.”
Commenting on the new partnership, Adebayo Ogunlesi, chairman and managing partner of GIP, said, “This is in line with our strategy of developing best-in-class joint ventures with industry leaders. We expect to work closely with MSC in growing and improving this high quality portfolio of container terminal assets”.
GIP’s other port sector investments are a joint-controlling 27% interest in Port of Brisbane, Australia; 50% of International Trade Logistics in Buenos Aires, Argentina; and 100% of Great Yarmouth Port in the UK.