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Long Beach terminal attracts potential buyers

Cosco Shipping Holdings Co.’s sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group LP and KKR & Co., people familiar with the matter said.

EQT Partners and an arm of Macquarie Group Ltd. have also been studying a deal for the asset, the people said, asking not to be identified because the information is private. The facility could be valued at $1 billion or more, depending on the structure of a deal, the people said.

Suitors for the terminal were asked to submit their interest last week, according to the people. Cosco, the Chinese state-owned shipping giant, agreed to sell it to obtain U.S. regulators’ approval for its acquisition of rival container-shipping line Orient Overseas International Ltd.

The Port of Long Beach describes itself as a U.S. gateway for trans-Pacific trade and the second-busiest container seaport in the U.S., according to its website.

Read more on BNN Bloomberg.

 

Source: BNN Bloomberg
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