New Owners for PD Ports
PD Ports, a UK ports & logistics business based in Middlesbrough, confirmed that it is under new ownership, following the sale of 100% of its equity to Canadian-based Brookfield Asset Management. The sale was part of a broader transaction with Babcock & Brown Infrastructure (BBI) in which Brookfield, as the cornerstone investor, led a recapitalisation of BBI. Brookfield has formed a new holding company Brookfield Ports (UK) Ltd to complete the purchase of PD Ports. BBI was the previous owner of PD Ports from early 2006 until now. (www.pdports.co.uk)
U.S. Offshore Wind Projects Move Closer To Reality
Dow Jones reported that deal making and development in the wind arena continue even as the economy slows down, with the federal government moving ahead to grant leases for the U.S.'s first offshore wind projects in history and other state-based projects moving to the front burner. Comments on federal rules to govern a host of alternative energy projects proposed in federal waters off the coast of the drew about 225 responses by Monday's deadline, as the U.S. Mineral Management Service, or MMS, moves ahead with plans to lease the outer continental shelf to several companies. Maureen Bornholdt, program manager of the MMS offshore alternative energy program, said the Interior Department remains on track to complete drafting the rules by the end of the year, wrapping up a three-year process.
Babcock & Brown to Acquire Bluewater Wind
International investment firm Babcock & Brown (ASX: BNB - News), announced it has entered into a definitive agreement to acquire Bluewater Wind Delaware LLC and its parent holding companies, including Bluewater Offshore Holdings LLC and Bluewater Wind Holdings, LLC, in an effort to expand its portfolio of wind energy projects and contribute to its goal of developing offshore wind. Hunter Armistead, head of Babcock & Brown's North American Energy Development Group added that Bluewater will continue with negotiations with Delmarva Power toward executing a Power Purchase Agreement (PPA), in a process that is being overseen by the Delaware Public Service Commission and three state agencies. [Source: PRNewswire]
Goldman Agrees to Buy AB Ports for $4.6b
Bloomberg reports that Goldman Sachs Group Inc. and its bidding partners agreed to buy Associated British Ports Holdings Plc., after raising their offer to $4.6b. Goldman is buying the port operator with the government of Singapore and a Canadian pension fund. The group's first bid was 730 pence a share in March. The sale of London-based Associated British Ports is the third takeover of a British harbor owner in the past six months as an increase in world trade and expectations of steady earnings attract investors. DP World, which is owned by the government of Dubai, United Arab Emirates, in March bought Peninsular & Oriental Steam Navigation Co. for $6.8 billion after agreeing to sell U.S. operations to overcome opposition from Congress.
