By Ed Ballard
LONDON--Goldman Sachs Group has begun the process of selling its
stake in the company that runs many of the U.K.'s ports.
A consortium led by the investment bank's infrastructure fund
bought Associated British Ports Holdings PLC, or ABP, for 2.8
billion pounds ($4.47 billion) in 2006 following a bidding war with
Australia's Macquarie Bank Ltd.
In a statement to bondholders marking the formal start of the
sale process, ABP Thursday said that Goldman's GS Infrastructure
Partners and Infracapital Partners--an investor owned by U.K.
insurer and asset manager Prudential PLC (PRU.LN)--are looking for
a buyer for their 33.3% holding in the group.
"The company does not anticipate that this will result in any
changes at an operational level," said ABP, which operates 21 ports
around the U.K.
Canadian fund Borealis Infrastructure Management Inc. and
Singapore's GIC Special Investments each own a third of the
company.
Spokespeople for ABP, Goldman and Infracapital declined to
comment further on the sale process.
In January, GS Infrastructure Partners sold its 49% stake in SSA
Marine, one of the world's largest port operators.
Write to Ed Ballard at ed.ballard@wsj.com
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