Brookfield Infrastructure Partners is selling around 23.2% of its 49% interest in Dalrymple Bay Infrastructure (DPI), a listed company that owns an Australian coal export terminal.
Brookfield’s subsidiary, BIP Bermuda Holdings IV, has reached an agreement with Barrenjoey Markets to underwrite the sale of 115m shares in DBI.
Following the sale, Brookfield will remain DBI’s largest shareholder, retaining approximately a 26.25% interest in the ASX-listed firm with a A$1.9bn market capitalisation.
DBI owns the Dalrymple Bay Terminal, the world’s largest export metallurgical coal facility.
Brookfield gained control of the Dalrymple Bay coal terminal in the aftermath of the global financial crisis, when, in 2009, it embarked on a A$1.8bn recapitalisation of what was then Babcock and Brown Infrastructure.
In March 2020, Brookfield, which had been looking to either a trade sale or to list the port, suspended its plan to sell because the COVID-19 pandemic had affected markets and led to domestic and international travel restrictions.
Following the latest sell-down, Brookfield, which listed DPI in late 2020, said it continues to regard DBI as an attractive investment.
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