Orient Overseas (International) Ltd (OOIL) and Macquarie Infrastructure Partners (MIP) have announced that OOIL’s wholly-owned subsidiaries, OOCL LLC and Long Beach Container Terminal, Inc., have entered into a Sale and Purchase Agreement to sell 100 per cent of LBCT LLC to a consortium led by MIP, for $1.78 billion. LBCT LLC operates the Long Beach Container Terminal (LBCT) in the Port of Long Beach, California, United States.
The sale is undertaken pursuant to the National Security Agreement entered into by OOIL, Faulkner Global Holdings Ltd, a subsidiary of COSCO SHIPPING Holdings Co., Ltd, and the US Department of Homeland Security and the US Department of Justice on July 6, 2018, under which OOIL committed to divest its ownership of the Long Beach Container Terminal business.
As part of the sale, Orient Overseas Container Line Ltd (OOCL), a subsidiary of OOIL, will also enter into a Container Stevedoring and Terminal Services Agreement with LBCT LLC for a 20-year period, confirming its significant long-term commitment to LBCT, said a release.
