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 agreement, announced on Wednesday, would transfer the holdings of two Canadian pension investors to the IFM-managed fund.

CPP Investments will sell its 33.9% interest, while OMERS will dispose of its 30% holding. The companies have not released the financial terms. According to gCaptain, Bloomberg cited a person familiar with the transaction as saying it valued ABP at about £10 billion ($13.4 billion). That figure represents the reported valuation of the business, rather than a disclosed price for the controlling stake.

ABP runs 19 UK port facilities, including Southampton, Immingham and Hull. Its network handles around a quarter of the country’s seaborne trade, according to gCaptain, and supports energy-sector activity, including more than half of Britain’s offshore wind capacity. Recent investment projects include the Immingham Renewable Fuels Terminal, Green Port Hull and the Horizon cruise terminal at Southampton.

The proposed acquisition would end lengthy periods of ownership for both sellers. OMERS has been an ABP shareholder since 2006, while CPP Investments acquired its interest in 2015. The two investors said the disposal would enable them to realise value from their holdings and direct capital towards other opportunities.

IFM Investors is owned by Australian pension funds and the UK’s Nest pension scheme. It manages roughly £157 billion globally and already holds investments in port infrastructure. Kyle Mangini, its global head of infrastructure, said the ABP investment would help support further development of the operator’s facilities and operations.

ABP chief executive Henrik L. Pedersen welcomed the agreement as support for the company’s business and long-term plans, saying it would seek further growth with IFM and its remaining shareholders. Completion is expected in the first half of 2027, subject to customary shareholder and regulatory clearances, including a national security review.