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.
The acquisition is expected to grow Hutchison Port's distribution per unit (DPU) and is part of the trust's strategy to provide regular distribution and long-term DPU growth to unitholders.
Hutchison Port units ended half a cent higher at 79 US cents today.