Australian fund takes control of UK ports giant in £10bn deal

Australian infrastructure investor IFM Investors has agreed to acquire a controlling stake in Associated British Ports (ABP), Britain’s largest port operator, in a deal valuing the business at more than £10bn ($13.4bn). The transaction will see Canadian pension giants CPP Investments and OMERS sell their combined 63.88% stake in ABP to Global Infraco Haven Bidco, an indirect subsidiary of the IFM Global Infrastructure Fund.

ABP confirmed the binding agreement in a London Stock Exchange announcement today. Financial terms were not disclosed, although the Financial Times reported a valuation exceeding £10bn.

The Australian group saw off competition from private equity heavyweights KKR and Apollo, as well as Indian billionaire Gautam Adani.

ABP operates 21 ports across Britain, including Southampton, Immingham and the Humber complex, handling around a quarter of the country’s seaborne trade. Its activities span containers, vehicles, bulk commodities, cruise shipping and offshore energy infrastructure.

The deal brings an end to two decades of Canadian involvement in the port operator. OMERS was part of the consortium that took ABP private in 2006 for £2.8bn, while CPP Investments acquired its interest in 2015. Singapore sovereign wealth fund GIC and Kuwait’s Wren House Infrastructure remain among the group’s minority investors.

IFM is owned by Australian and British pension funds and manages around $96bn in infrastructure assets globally.

The acquisition comes as ABP pursues substantial investment across its network. As Splash reported in August, the company is advancing a £500m development at Port Talbot in Wales to establish a major floating offshore wind manufacturing and assembly hub.

Completion of the transaction remains subject to regulatory approvals and mandatory national security filings in the UK.

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