Macquarie Infrastructure Partners (MIP) has chosen Evercore as an advisor on the sale of its North American port assets, said three sources briefed on the situation.
The process is still at an early stage, the sources added.
The assets comprise Penn Terminals in the US, and Fraser Surrey Docks and Halterm Ltd in Canada. They were owned by MIP I and had been expected to be sold given the 10-year term of the 2006 vintage fund.
Tariff issues might be looming over certain ports, but that has not stalled M&A activity in the sector.
Earlier this year, IFM Investors and British Columbia Investment Management (bcIMC) took a 62.5% stake in GCT Global Container Terminals business from Ontario Teachers’ Pension Plan. That business included ports in British Columbia and in the East Coast of the US.
Meantime, COSCO Shipping engaged JP Morgan to sell Port of Long Beach Container Terminals (LBCT).
MIP and Evercore declined comment on the situation.