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Yilport in talks for Long Beach container terminal

Turkey’s Yilport Holding AS is in advanced talks to buy a container terminal in Long Beach, California, a deal that would value the facility at close to $2 billion, people with knowledge of the matter said.

The discussions between Yilport, backed by businessman Robert Yuksel Yildirim, and terminal owner Cosco Shipping Holdings Co. aren’t yet exclusive, said the people, who asked not to be identified because the information is private. There were at least two other bidders who made the shortlist and no final decision has been made, they added.

Cosco, the Chinese state-owned shipping giant, agreed to sell the Long Beach terminal to obtain U.S. regulators’ approval for its acquisition of Orient Overseas International Ltd., a rival container-shipping line, a deal completed last year. In such mandated transactions, the Committee on Foreign Investment in the United States, or CFIUS, must also approve the buyer.

Read more on Bloomberg.

 

Source: Bloomberg

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