Canada Pension Plan Investment Board (CPP Investments) is taking full control of North America鈥檚 largest marine terminal operator, through the acquisition of Oaktree Capital Management鈥檚 stake.
The C$520bn (鈧�354bn) Canadian investor has agreed to buy the stake from funds managed by Oaktree in order to gain full ownership of Ports America. Financial details were undisclosed.
CPP Investments has been an existing minority investor in Ports America since 2014.
Founded in 1921, Ports America is the largest terminal operator in North America, with diversified operations across the US, including 70 locations in 33 ports on each of the country鈥檚 three coasts.
Scott Lawrence, managing director and head of infrastructure at CPP Investments, said: 鈥淧orts America represents the opportunity to continue to invest in a high-quality operator that plays an important role in global trade, making the company a good fit for our long-term infrastructure investment strategy.
鈥淭erminal operators play a crucial role as cargo demand and transportation requirements continue to grow in response to the rapid and dynamic changes in how individuals and businesses are buying and selling products.鈥�
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