North America: Maersk pulls APM Terminals off the auction block

15 June 2018 - 12:00 am UTC

Maersk has pulled the sale of a 50% stake in APM Terminals off the block, said three sources close to the situation.

As reported by Inframationcompanies including Blackstone submitted first round bids last month. Even though competitive bids were submitted to Maersk’s financial advisor Citi, the seller opted to take the process off the market.

Citi declined comment on the situation and APM Terminals did not return calls seeking comment.

This development comes on the heels of another ports sale process which saw IFM Investors and British Columbia Investment Management (bcIMC) take a 37.5% stake and 25% stake, respectively, in Ontario Teachers’ Pension Plan’s (OTPP) GCT Global Container Terminals. OTPP also struck a deal last week to recapitalize the Vancouver-based ports operator.

APM now comprises 74 terminals worldwide following the opening of three ports in Lazaro Cardenas, Mexico, and Quetzal Guatemala and Izmir, Turkey.

Some concerns were previously raised on Maersk’s process to sell off an interest in APM Terminals because selling a stake to a pension fund or asset manager that also owns a ports business could cause conflicts of interest.