Australia-based IFM Investors has won the bidding for a majority stake in Associated British Ports (ABP), the UK’s largest port operator, The Maritime Executive reported. The transaction involves holdings owned by the Canada Pension Plan Investment Board and OMERS, which together account for approximately 64 per cent of ABP. The operator reportedly handles around a quarter of Britain’s seaborne trade.
Financial terms were not disclosed. The Maritime Executive cited Bloomberg reporting that sources put ABP’s valuation at approximately £10 billion ($13.4 billion). The Financial Times first reported the Canadian investors’ plans to sell in February, while Bloomberg identified IFM, Apollo Global Management and KKR as the final bidders in August. India’s Adani Group had also reportedly shown interest but was not named among the finalists.
ABP operates 19 ports across England, Scotland and Wales. Its network includes Southampton, Britain’s third-largest container port, alongside facilities in the Humber industrial region around Hull and Immingham, and in South Wales. In its sale announcement, OMERS pointed to ABP’s ongoing port investment and projects including the Immingham Renewable Fuels Terminal, Green Port Hull and Southampton’s Horizon cruise terminal.
The business was established to take over the British Transport Docks Board during the privatisations of the early 1980s. It remained publicly listed until an investor group including Goldman Sachs and OMERS bought it for £2.8 billion in 2006. CPP acquired its holding in 2015 and owned 33.9 per cent, while OMERS held 30 per cent. Other investors include Singapore’s sovereign wealth fund and Wren House Infrastructure, part of the Kuwait Investment Authority.
IFM reportedly manages more than US$100 billion in infrastructure equity and debt, with assets drawn from Australian pension funds and Britain’s National Employment Savings Trust. Its other investments include Manchester Airports Group and Anglian Water. IFM said it would support further development of ABP’s infrastructure and operations, citing the ports’ role in key British trading and industrial regions. CPP infrastructure head James Bryce described the sale as a way to realise investment value and redeploy capital, while ABP chief executive Henrik L. Pedersen welcomed the prospect of further growth with IFM and the remaining shareholders.