Hutchison Port Holdings to acquire Hong Kong container port for $509 million
CONTAINER port business trust Hutchison Port Holdings announced today that it has agreed to acquire Asia Container Terminals (ACT) Holdings for HK$3.17 billion (S$509 million).
Under the agreement, the Hong Kong port developer will acquire ACT Holding's entire issued and paid-up capital of 1,000 shares, valued at HK$1 each, through a wholly-owned subsidiary Champion Rings.
The ACT Holdings shares acquired comprise 355 from DP World ACT Holdings, 295 from DP World 8 and 350 from PSA China.
Hutchison Port said that it will receive a cash acquisition fee of one per cent of the enterprise value of the assets acquired.