APM Terminals will sell its fifty per cent share in Terminal Porte Océane (TPO) and Société d’Exploitation du Terminal Porte Océane in Le Havre as well as its Virginia facility.
The Le Havre share will be sold to Perrigault, the other fifty per cent shareholder. Terms of the deal were not disclosed. The joint-venture dates back to 2006. APM stated the sale is part of the company’s portfolio management.
Sale of Virginia Terminal in Portsmouth
In addition, The terminal operator will sell its Virginia facility in Portsmouth to a partnership of Alinda Capital Partners and Universities Superannuation Scheme Limited (USS). The facility was only built in 2007. APM has said the Virginia terminal does not fit in with the company’s global strategy to operate and develop ports.
The deep-water marine container terminal employs remote controlled rail mounted gantry cranes that handle container yard operations in a safer, smarter, more eco-friendly manner. In 2010, APM Terminals leased the facility to the Virginia Port Authority to tap into VPA’s broader commercial volumes and business needs.
The transaction is subject to standard regulatory approvals and is expected to close during the third quarter of 2014, following which the terminal will be renamed as Virginia International Gateway. Neither the customers calling the facility, nor staff will be affected by the sale.
Picture: APM's container terminal in Portsmouth which will be sold to Alinda and USS (by APM Terminals).
