TURKEY's Yilport Holding is in advanced talks to acquire a container terminal at Long Beach in a deal that would value the facility at US$2 billion, people with knowledge of the matter said, reported Bloomberg
TURKEY's Yilport Holding is in advanced talks to acquire a container terminal at Long Beach in a deal that would value the facility at US$2 billion, people with knowledge of the matter said, reported Bloomberg. The discussions between Yilport, owned by Robert Yuksel Yildirim, and terminal owner Cosco Shipping Holdings Co aren't yet exclusive, said the sources. There were at least two other bidders who made the shortlist and no final decision has been made, they added.
Chinese state-owned shipping giant, Cosco, agreed to sell the Long Beach terminal to attain US regulators' approval for its acquisition of Chinese shipping line OOIL, a deal that was wrapped up last year. In such mandated transactions, the Committee on Foreign Investment in the United States (CFIUS), must also approve the buyer
The facility also attracted bids from infrastructure investors including Australia's Macquarie Group, people familiar with the issue said in December.
Yilport told Bloomberg in February 2018 that it was seeking to invest up to $2.2 billion over the coming three years on expanding existing port assets and on acquisitions in North America, Latin America and Europe.
Yilport's parent entity, Yildirim Group, already owns a 24 per cent stake in container shipping company CMA CGM Group.
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