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Sale Agreement: OOCL & LBCT

TOP NEWS / May 3, 2019

Orient Overseas (International) Limited (“OOIL”) and Macquarie Infrastructure Partners (“MIP”) on April 30 announced that OOIL’s wholly-owned subsidiaries, OOCL LLC and Long Beach Container Terminal, Inc., have entered into a Sale and Purchase Agreement to sell 100% of LBCT LLC to a consortium led by MIP, for US$1.78 billion. LBCT LLC operates the Long Beach Container Terminal (“LBCT”) in the Port of Long Beach, California, United States.

The sale is undertaken pursuant to the National Security Agreement entered into by OOIL, Faulkner Global Holdings Limited, a subsidiary of COSCO SHIPPING Holdings Co., Ltd, and the U.S. Department of Homeland Security and the U.S. Department of Justice on July 6, 2018, under which OOIL committed to divest its ownership of the Long Beach Container Terminal business.

As part of the sale, Orient Overseas Container Line Limited (“OOCL”), a subsidiary of OOIL, will also enter into a Container Stevedoring and Terminal Services Agreement with LBCT LLC for a 20-year period, confirming its significant long-term commitment to LBCT … Read more

Source: Container-news











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May 3, 2019