O’Melveny & Myers LLP represented the Port of Oakland, the third busiest Port on the U.S. West Coast, in an inaugural bidding process for a long-term concession to operate, maintain and further develop a land water-side site comprising approximately 175 acres of its maritime operations area. The transaction is valued at nearly $700m and marks the first public-private partnership, or P3 arrangement, of its kind in the U.S. ports sector. The successful bidder for the concession is Ports America Outer Harbor Terminal, LLC, a joint venture of Ports America Group and Terminal Investment Limited. As concessionaire, it will have exclusive rights to operate the site for a term of 50 years and maximize the economic use of the area, starting in January 2010 when it will take possession of the site.