Singapore’s GIC has acquired a 10% interest Terminal Investment Limited (TIL) from Global Infrastructure Partners (GIP) and other existing co-investors for an undisclosed sum.
GIP and a group of co-investors in 2013 acquired 35% in the global container port operator for US$1.93bn (€1.73bn), and are widely reported to have since lifted their interest to 49%.
Geneva-based TIL was founded in 2000 to secure berths and terminal capacity in the major ports used by Mediterranean Shipping Company (MSC). It also handles containers for third parties.
Ang Eng Seng, chief investment officer of infrastructure at GIC, said: “We are pleased to invest in TIL, given its strong business alignment with its majority shareholder, MSC, and attractive growth potential from its pipeline of both existing and new terminals.
“We expect TIL to be well-placed to benefit from increasing demand for containerised goods as the global middle class and manufacturing outsourcing continue to expand.”
TIL operates ports in the Americas, Europe, Asia (including Singapore), and Africa, with each region contributing roughly equally to revenue.