Industry fund in UK port acquisition play
Industry Funds Management (IFM) has taken another step down the corporate acquisitions trail announcing that it is leading a syndicate bidding for 100 per cent of UK-listed company, PD Ports PLC.
The vehicle being utilised by IFM is Endeavour Ports Limited, which is owned by IFM via IFM International Infrastructure, a class of unit in the IFM Infrastructure Funds.
Confirming the bid, the general manager of IFM, Damian Moloney said PD Ports Plc fitted perfectly with IFM investors’ strategy of targeting infrastructure investments that provide stable cash flows and attractive growth opportunities.
The offer for PD Ports represents a cash offer for the entire issued share capital of the company and values PD Ports at around £3.4 million.
The offer is conditional upon receiving acceptances or otherwise acquiring a minimum of 90 per cent of the company.
PDP owns and operates Teesport on the north east coat of England, the second largest port in the United Kingdom by tonnage and also owns or operates ports on the rivers Humber, Trent and Ouse, and the Isle of Wight.
In addition to the port and property related businesses, the PDP group also operates comprehensive supply chain solutions.
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