PSA to Acquire Halterm, Penn Terminals
Singapore-headquartered port operator PSA International is all set to take over the Halterm Container Terminal in the Port of Halifax, Canada, and multipurpose Penn Terminals in Pennsylvania, USA.
Both Halterm and Penn terminals are 100% owned by Macquarie Infrastructure Partner funds, a fund managed by Macquarie Infrastructure and Real Assets (MIRA). The price was not disclosed.
Halterm terminal at the Port of Halifax is the largest container terminal in Eastern Canada. Penn Terminals located in Philadelphia, USA offers steverdoring, marine terminal and cargo entry for ports in the United States.
PSA, which is owned by Temasek, the sovereign wealth fund of Singapore, said it is in the process of securing regulatory approvals from U.S. and Canadian authorities. Regulatory approvals have not yet been obtained.
Macquarie has been selling down its port assets recently, including DCT Gdansk in Poland, a deal that also involved the PSA.
PSA beat out several bids for Halterm, including a joint bid by Canadian National Railway Co. and a partner.