Associated British Ports stands as the country's biggest port company, running 21 sites across England, Scotland, and Wales. This makes it a vital link in the nation's supply chain, handling everything from container shipments to bulk commodities.
The current majority shareholders, Canada Pension Plan Investment Board (CPPIB) and Omers, are offloading their joint 63.9% holding. CPPIB owns 33.9% and initially invested in 2015. The fund had earlier explored selling its shares in 2023, according to a Bloomberg News report at that time. Omers holds 30%, based on its most recent annual report, and joined the original investor group that acquired AB Ports in a 2006 privatization.
The remaining shares are held by Singapore's GIC Pte, Hermes Infrastructure, and Wren House, a unit of the Kuwait Investment Authority. These minority investors have smaller stakes but would also be affected by any change in control.
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Apollo Global Management, IFM Investors, and KKR & Co. have advanced to the last stage of the auction for a controlling interest in the company. These three firms are now competing against one another to secure the deal. Each is a major player in global infrastructure investing, with significant experience managing large-scale assets.
The sellers are targeting a transaction worth roughly £10 billion, which translates to about $13.6 billion in U.S. currency. That valuation reflects the strategic importance of a port network that handles a quarter of the nation's seaborne freight. For the buyers, acquiring AB Ports would mean gaining control of a critical piece of trade infrastructure with steady cash flows.
Sources with knowledge of the situation said the auction remains active, and there is no certainty that a deal will be completed. The sources added, requesting anonymity because the discussions are private. Officials from CPPIB and Omers did not comment, and the same was true for Apollo, IFM, and KKR. An AB Ports representative pointed to its shareholders for any comment.
The outcome of the bidding process is still uncertain, but the fact that only three bidders remain suggests the field has narrowed considerably. A sale would transfer control of a vital component of the UK's trade infrastructure to one of these global investment firms.
For now, the three contenders are weighing the value of a port operator that moves a significant share of the country's imports and exports. The final decision rests with CPPIB and Omers, who have held their stakes for years and are now looking to exit.
The deal, if completed, would mark one of the largest infrastructure transactions in the UK in recent memory. But with no guarantee of a successful bid, the future ownership of AB Ports remains an open question. For now, the situation remains in flux, with no clear timeline for when a final decision might be announced.
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