IFM fund agrees to buy 63.9% of Associated British Ports

A fund managed by Australia-based IFM Investors has agreed to acquire a 63.9% controlling interest in Associated British Ports (ABP), the UK’s largest port operator, gCaptain reported. The purchase will transfer the holdings of two Canadian pension investors to the IFM-managed fund, changing ownership of a business that handles about a quarter of Britain’s seaborne trade.

Under the agreement announced on Wednesday, Canada Pension Plan Investment Board, known as CPP Investments, will sell its 33.9% interest, while OMERS will dispose of its 30% holding. The parties did not publish financial terms. According to gCaptain, Bloomberg cited a person familiar with the transaction as saying it valued ABP at roughly £10 billion ($13.4 billion).

ABP runs 19 port facilities across the UK, with Southampton, Immingham and Hull among its principal gateways. Beyond its role in maritime trade, the operator supports Britain’s energy industry, including more than half of the country’s offshore wind capacity, gCaptain said. Its recent facility investments include the Immingham Renewable Fuels Terminal, Green Port Hull and the Horizon cruise terminal in Southampton.

IFM manages approximately £157 billion in assets worldwide and already invests in port infrastructure internationally. Its owners include Australian pension funds and the UK’s Nest pension scheme. Kyle Mangini, IFM’s global head of infrastructure, said the acquisition would back further development of ABP’s infrastructure and operations. ABP chief executive Henrik L. Pedersen described the agreement as support for the company’s business and longer-term plans, and said it would seek growth opportunities with IFM and its continuing shareholders.

The sale ends investments dating back to 2006 for OMERS and 2015 for CPP Investments. Both sellers said the disposal would enable them to capture value from their longstanding holdings and direct capital towards other opportunities. Completion is expected in the first half of 2027, subject to customary shareholder and regulatory clearances, including a national security review.