Key Takeaways
- • CPP Investments (33.9%) and OMERS (30.0%) have agreed to sell their combined 63.88% stake in Associated British Ports (ABP) to a fund managed by IFM Investors, according to an ABP Finance issuer notice.
- • The buyer, Global Infraco Haven Bidco, is an indirect subsidiary of IFM Global Infrastructure Fund, which would take majority control of the UK's largest ports group.
- • Financial terms were not disclosed; Bloomberg, citing a person familiar with the matter, reported an approximately £10 billion valuation for the port operator, which is not a disclosed price for the stake.
- • Completion is subject to shareholder and UK national-security approvals and is expected in the first half of 2027.
- • ABP operates 19 facilities handling roughly 25% of UK seaborne trade and supports more than half of the UK's offshore wind activity, according to the sellers.
Summary
Canada Pension Plan Investment Board (CPP Investments) and OMERS have agreed to sell their entire stakes in Associated British Ports to a fund managed by IFM Investors, transferring majority control of the United Kingdom's largest ports group to the Australian pension-owned manager, according to HedgeCo.Net. CPP Investments holds 33.9% of ABP and OMERS holds 30.0%, for a combined 63.88% of the ABP (Jersey) group, per an ABP Finance issuer notice. Financial terms were not disclosed.
The buyer is Global Infraco Haven Bidco, an indirect subsidiary of IFM Global Infrastructure Fund. Completion is subject to customary shareholder and regulatory approvals, including UK national-security filings, and is expected in the first half of 2027. Bloomberg reported an approximately £10 billion valuation for the port operator, citing a person familiar with the matter; that figure is not a disclosed price for the stake.
According to the sellers, ABP operates 19 facilities that handle approximately 25% of UK seaborne trade and supports more than half of the country's offshore wind activity. OMERS first invested in 2006 and CPP Investments in 2015. OMERS pointed to energy-transition projects developed during its ownership, including the Immingham Renewable Fuels Terminal, Green Port Hull and Southampton's Horizon cruise terminal. CPP Investments said the sale allows it to realize the value of a long-term investment and recycle capital.
Kyle Mangini, IFM's global head of infrastructure, framed the transaction as pension capital flowing into UK infrastructure. IFM, owned by Australian pension funds and the UK pension scheme Nest, manages about £157 billion. "This transaction reflects our longstanding commitment to mobilising pension capital into UK infrastructure," Mangini said.
For infrastructure investors, the deal illustrates long hold periods turning over: two Canadian pensions are exiting a core port platform after nearly 20 and 11 years respectively, with another pension-owned manager stepping in. Open questions include the valuation achieved against the reported £10 billion and how the national-security review treats a change of control at critical trade infrastructure.
The buyer is Global Infraco Haven Bidco, an indirect subsidiary of IFM Global Infrastructure Fund. Completion is subject to customary shareholder and regulatory approvals, including UK national-security filings, and is expected in the first half of 2027. Bloomberg reported an approximately £10 billion valuation for the port operator, citing a person familiar with the matter; that figure is not a disclosed price for the stake.
According to the sellers, ABP operates 19 facilities that handle approximately 25% of UK seaborne trade and supports more than half of the country's offshore wind activity. OMERS first invested in 2006 and CPP Investments in 2015. OMERS pointed to energy-transition projects developed during its ownership, including the Immingham Renewable Fuels Terminal, Green Port Hull and Southampton's Horizon cruise terminal. CPP Investments said the sale allows it to realize the value of a long-term investment and recycle capital.
Kyle Mangini, IFM's global head of infrastructure, framed the transaction as pension capital flowing into UK infrastructure. IFM, owned by Australian pension funds and the UK pension scheme Nest, manages about £157 billion. "This transaction reflects our longstanding commitment to mobilising pension capital into UK infrastructure," Mangini said.
For infrastructure investors, the deal illustrates long hold periods turning over: two Canadian pensions are exiting a core port platform after nearly 20 and 11 years respectively, with another pension-owned manager stepping in. Open questions include the valuation achieved against the reported £10 billion and how the national-security review treats a change of control at critical trade infrastructure.
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