Feb 5 (Reuters) - Two Canadian pension funds plan to sell their stakes in Associated British Ports in a deal that they hope will value the UK's biggest ports operator at more than 10 billion pounds ($
Canadian Pension Funds Plan to Sell Stakes in Associated British Ports
Overview of the Sale
Feb 5 (Reuters) - Two Canadian pension funds plan to sell their stakes in Associated British Ports (ABP) in a deal that they hope will value the UK's biggest ports operator at more than 10 billion pounds ($13.63 billion), the Financial Times reported on Thursday.
Details of the Stakeholders
The Canada Pension Plan Investment Board (CPPIB), which holds 34% of ABP, and the Ontario Municipal Employees Retirement System (OMERS), which owns 33%, have hired Morgan Stanley to explore a sale of their stakes, the newspaper said.
Asset manager Hermes, which owns about 6% of the group, could also sell its stake, the report added.
Reuters could not immediately confirm the report. ABP, CPPIB and OMERS did not immediately respond to Reuters requests for comment. Hermes could not be immediately reached for a comment.
Potential Timeline for the Deal
A deal could be reached as soon as the second half of this year, although the talks remain at an early stage, the report said.
About Associated British Ports
ABP owns 21 ports in the UK, including the Humber and Southampton, and handles more than a quarter of all port industry volumes, according to its website. The port operator was taken private in 2006 by a group of investors.
($1 = 0.7339 pounds)
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Subhranshu Sahu)
