CPP Investments and OMERS agreed to sell their combined 63.9% of Associated British Ports to a fund managed by IFM Investors. Terms were not disclosed; trade press reports have valued the company at about £10 billion.
CPP Investments and OMERS have agreed to sell their entire stakes in Associated British Ports to a fund managed by IFM Investors, the two Canadian pension investors said on Oct. 21.
CPP Investments holds 33.9% of the company and OMERS 30.0%, for a combined 63.9%. CPP Investments bought into ABP in 2015 and OMERS in 2006, so the sale ends holding periods of about 11 years and 20 years. Financial terms were not disclosed. Completion is expected in the first half of 2027, subject to stakeholder review and customary shareholder and regulatory approvals.
ABP has been valued at about £10 billion, or about $13.4 billion, according to trade press reports. The two investors had said in February that they intended to sell.
A pension-to-pension handoff
The transaction is a sale between long-term institutional owners. IFM is owned by pension funds, and it is buying a controlling position in a core infrastructure asset from two other pension investors.
That says something about where core infrastructure exits are finding buyers: the Canadians found a buyer with a similar long-duration mandate.
What is still unknown
The price for the stake, the identity of the specific IFM fund, how the purchase will be financed, and the position of the holders of the remaining 36.1% are all undisclosed.
Why it matters for valuations
A reported £10 billion value for the ports group is a reference point for how core infrastructure is being marked in private portfolios. Without disclosed terms, it is a data point rather than a benchmark.
What to watch
Disclosure of terms, any approvals that add conditions, and completion in the first half of 2027.