PSA International completes acquisition of Canadian container terminal

Shipping containers are moved at the Halterm Container Terminal in Halifax on Friday, Oct. 19, 2018. PSA International Pte Ltd. says it has secured a deal to buy the largest container terminal in Eastern Canada. THE CANADIAN PRESS/Andrew Vaughan

PSA International (PSA) has acquired Halterm Container Terminal (Halterm) in the Port of Halifax, Canada, from Macquarie Infrastructure Partners (MIP), a fund managed by Macquarie Infrastructure and Real Assets (MIRA).

The deal was completed following the formal approval by the relevant regulatory authorities in Canada and U.S, according to a statement.

Halterm is one of the major North American container terminals serving the Eastern Canada seaboard. It operates three container berths covering more than a kilometre (km) of quay length with depth of up to 16 metres (m). The terminal is currently undergoing further berth expansion which is expected to be fully completed by 2020.

Halterm was first acquired in November 2006 by MIP for C$173.00 million. At that time, there were several unidentified bidders comprising both foreign and domestic investors.

Fast forward to August 2018, PSA also faced keen competition from several bidders, including a joint bid by Canadian National Railway Co., and a partner. However, PSA managed to emerge as the winning bidder.

Apart from Halterm, PSA also operates the Ashcroft Terminal, a British Columbia (BC), Canada located approximately 300 km east of the Port of Vancouver.