Orient Overseas nets $2.41 billion for North American terminals

Orient Overseas sells four North American terminals to Ontario TeachersÆ Pension Plan Board for $2.41 billion.

Orient Overseas International Limited OOIL announced on Friday a transaction to sell its North American terminals division to the Ontario TeachersÆ Pension Plan Board OTPPB. OOIL has sold 100% of the division for $2.35 billion in cash. The acquirer will also assume $60 million in debt.

Nicholas Sims, CFO of OOIL said ôThis transaction provides substantial benefits to both OOIL and the terminals division. OOIL has realised significant value for its shareholders, and the terminals division has secured a...

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