Nort East ports operator PD Ports has new owner

Nov 16 2009 By Andrew Mernin

Canadian property company buy Teesside port group

NORTH East-based ports operator PD Ports has a new owner after shareholders in their current Australian parent company agreed to a £665m rescue package from Canadian property company Brookfield.

Babcock & Brown Infrastructure the debt-laden Australian port, railway and pipeline asset manager, said it had received overwhelming support from shareholders for the recapitalisation proposal, which is set to be completed this Friday.

A statement from Middlesbrough-based PD Ports said: “PD Ports, has today confirmed that the shareholders of Australian based Babcock & Brown Infrastructure (BBI) have voted to agree a proposed recapitalisation deal, led by the Canadian based Brookfield.

“BBI has agreed a proposed fundamental financial restructuring of its business, under the terms of which a cornerstone investor, Brookfield, will participate in a recapitalisation of BBI.  The overall transaction is expected to complete 20 November 2009.

“As a consequence of the overall BBI deal, Brookfield will acquire 100% of BBI's shareholding in PD Ports, giving it effective ownership of PD Ports assets.  This transaction will also complete on 20 November 2009.

“Brookfield will form a new holding company Brookfield Ports (UK) Ltd to complete the purchase of PD Ports.

“PD Ports' management and staff remain fully committed to delivering value to its customers and stakeholders and to progressing with its business strategy.”