IFM agrees to buy controlling stake in ABP at reported £10bn-plus valuation

IFM Investors has agreed to purchase a controlling interest in Associated British Ports (ABP), with the business reportedly valued at more than £10bn ($13.4bn), according to Splash247. The Australian infrastructure investor will acquire the combined 63.88% stake held by Canadian pension investors CPP Investments and OMERS. The acquisition has yet to complete and requires regulatory approvals and mandatory UK national security filings.

The buyer is Global Infraco Haven Bidco, an indirect subsidiary of the IFM Global Infrastructure Fund. ABP disclosed the binding agreement through a London Stock Exchange announcement, but did not reveal financial terms. Splash247 cited the Financial Times for the valuation above £10bn. It also reported that IFM prevailed over competing interest from private equity groups KKR and Apollo, as well as Indian billionaire Gautam Adani.

ABP's network comprises 21 British ports, including Southampton, Immingham and the Humber complex. According to Splash247, the operator handles roughly one-quarter of Britain's seaborne trade. Its operations cover containers, vehicle movements and bulk commodities, alongside cruise business and infrastructure serving offshore energy. The transaction therefore involves a controlling stake in a port network with activities extending across several shipping and trade sectors.

The sale would close a two-decade period of Canadian investment in ABP. OMERS joined the consortium that took the operator into private ownership in 2006 in a £2.8bn transaction, while CPP Investments bought its holding in 2015. Singapore's sovereign wealth fund GIC and Kuwait's Wren House Infrastructure remain minority investors. IFM itself is owned by Australian and British pension funds and manages approximately $96bn of infrastructure assets worldwide.

The proposed ownership change coincides with ABP's investment programme across its ports. Splash247 highlighted its earlier reporting on a £500m development being advanced at Port Talbot in Wales. That project is intended to create a major manufacturing and assembly hub for floating offshore wind, forming part of the operator's wider infrastructure investment activity.