Canada's CPPIB to acquire Ports America from Oaktree Capital

(Reuters) – Canada Pension Plan Investment Board said on Wednesday it has agreed to buy marine terminal operator Ports America from Oaktree Capital Management LP for an undisclosed sum.

Under the terms of the deal, CPPIB, a minority investor in Ports America since 2014, will acquire full ownership in the company. The deal is expected to close before the end of this year.

Oaktree was weighing a sale of Ports America at a $6 billion valuation, Bloomberg News had reported here in April.

Founded a century ago, Ports America is one of the largest marine cargo operators in the country and has operations in 70 locations across 33 ports in the United States.

The Jersey City, New Jersey-based company said it handles 13.4 million twenty-foot equivalent units (TEUs) annually, which includes 10 million tons of cargo, 2.5 million vehicles and 1.7 million cruise ship passengers.

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