Orient Overseas (International) Limited (OOIL) announced that it has completed the sale of three of the four terminals within the Terminals Division to Ontario Teachers’ Pension Plan Board. These terminals are Deltaport and Vanterm terminals in the Port of Vancouver and Global Terminal in Bayonne, New Jersey in the Port of New York and New Jersey.
OOIL also announced that it has obtained the following required regulatory approvals: early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; issuance of an Advance Ruling Certificate under the Canadian Competition Act, as amended; and approval by the Committee on Foreign Investment in the United States under provisions of the Exon-Florio amendment. The Vancouver Port Authority has also granted consent for the sale of the Deltaport and Vanterm terminals. In addition, the sale of the Terminals Division received unanimous approval from OOIL’s shareholders.
The completion of the sale of the remaining terminal being sold, New York Container Terminal on Staten Island, New York in the Port of New York, awaits consent of the New York and New Jersey Port Authority.
‘We are pleased to have completed the sale of three of the four terminals to the Ontario Teachers’ Pension Plan Board,’ said Nicholas Sims, CFO of OOIL. ‘The Board is an ideal acquirer for the terminals. They are a long-term investor who we believe can maintain a stable environment for growth and the continued success of the terminals.’