orient-overseas-nets-241-billion-for-north-american-terminals

Orient Overseas nets $2.41 billion for North American terminals

Orient Overseas sells four North American terminals to Ontario TeachersÆ Pension Plan Board for $2.41 billion.

By Sameera Anand

November 26, 2006

Orient Overseas International Limited OOIL announced on Friday a transaction to sell its North American terminals division to the Ontario TeachersÆ Pension Plan Board OTPPB. OOIL has sold 100% of the division for $2.35 billion in cash. The acquirer will also assume $60 million in debt.

Nicholas Sims, CFO of OOIL said ôThis transaction provides substantial benefits to both OOIL and the terminals division. OOIL has realised significant value for its shareholders, and the terminals division has secured a long-term owner who is focused on infrastructure assets with the ability to further enhance growth.ö

The transaction is subject to shareholder approval. OOIL is owned 52.19% by the family of former Hong Kong CEO,...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222