Macquarie to divest U.S. port terminal operator Ceres By Reuters

© Reuters. FILE PHOTO: The emblem of Australian funding financial institution Macquarie Group Ltd adorns a desk within the reception space of their Sydney workplace headquarters in Australia, October 28, 2016. REUTERS/David Grey/File Photograph

(Reuters) -Australian monetary conglomerate Macquarie Group (OTC:) mentioned on Thursday it will divest its U.S.-based port terminal operator Ceres Terminals, with a supply acquainted with the matter putting the deal worth north of $900 million.

Macquarie didn’t disclose any additional particulars on the deal, and declined to touch upon Reuters’ request looking for affirmation of the sale worth.

The Wall Road Journal in Could reported that Macquarie was searching for about $1 billion from the sale, citing sources acquainted with the matter.

The deal worth may very well be on the decrease finish of what the Wall Road Journal reported, the supply mentioned.

Macquarie Infrastructure Companions III (MIP III), a fund managed by the monetary conglomerate’s asset administration arm, acquired full management of the overall cargo stevedoring operations in 2019 from Tokyo-based delivery and logistics agency Nippon Yusen Kaisha.

MIP III will promote the terminal to American marine terminal operator Carrix. Nonetheless, Ceres Terminals Jacksonville and Intermodal Container Switch Facility in Jacksonville, managed by Ceres, is not going to be part of the deal. They’ll proceed to be owned by MIP III, Macquarie mentioned.

“All of us sit up for the subsequent chapter of development with Carrix… assured that the mix will proceed to serve our prospects, workers and different stakeholders effectively,” Ceres Terminals CEO Craig Mygatt mentioned.

Shares of Macquarie have been buying and selling 1.1% larger as of 0255 GMT, heading for his or her third straight session of good points.