Founder of Inditex acquires 49 percent of UK's PD Ports
According to the British port group's management, Pontegadea Inversiones, Amancio Ortega's investment and asset holding company, has agreed to purchase 49 percent of the company. Pontegadea Inversiones is where the renowned Galician businessman concentrates the bulk of his wealth and investments, including 50.01 percent of Inditex's share capital. The Canadian alternative asset manager Brookfield Asset Management previously controlled this share. The transaction, still subject to regulatory approval, will leave the founder of Inditex and Zara as a minority reference shareholder within the port company. This is Ortega and Pontegadea's first acquisition within this specific sector of logistics activity. They are entering this area with the purchase of this considerable percentage of PD Ports' share capital. PD Ports will continue to operate under the control of Brookfield Asset Management. Brookfield has committed to maintaining its investment in the company and its profile as a long-term shareholder through its 51 percent stake in PD Ports, held through its infrastructure asset subsidiary, Brookfield Infrastructure.
'This agreement marks the opening of a new and ambitious chapter for PD Ports, one that will continue to build on our proud legacy and set a solid course for our future,' said Frans Calje, chief executive officer of PD Ports. 'We look forward to working with our new shareholder to continue driving the growth of our business.' Calje also highlighted how 'PD Ports' ability to attract a high-quality investor' like Pontegadea 'represents strong support for the company, its team, and its long-term vision'. He added: 'Although we have successful operations throughout the UK, including Groveport, Felixstowe and the Isle of Wight, we remain firmly anchored in Teesside. We will continue to make targeted investments in our facilities and operations here, as well as in the rest of the UK.' Owner of Teesport and statutory port authority of the River Tees
Brookfield acquired PD Ports in 2009 for a symbolic one dollar as part of the liquidation process of the Australian investment firm Babcock&Brown. This was part of a complex financial operation that led the Canadian company to take control of the main assets of its subsidiary Babcock & Brown Infrastructure, which were used to form its own infrastructure subsidiary, Brookfield Infrastructure. PD Ports is one of the UK's main port groups. It operates from 11 port facilities across the country, including ports owned by PD Ports and those operated and managed by the company.
PD Ports' activity is currently concentrated around the ports and port facilities of Billingham; Hartpool; Teesport and Teesport Commerce Park; Groveport; Howden; Immingham; Keabdy; Felixtowe; the Isle of Wight; and on the River Thames, where it operates through equipment installed at the ports of Erith and Purfleet. This list includes some of the main ports in the UK, such as Teesport, which is owned and operated by PD Ports. PD Ports also acts as the statutory port authority of the River Tees. By law, the company is responsible for safety and ensuring the navigability of the river, contributing to the economic development of the area under its jurisdiction. This area covers some 12 miles, about 19 kilometres, inland from the Tees estuary, on the banks of which are the strategic facilities of PD Ports at the port of Teesport and its Teesport Commerce Park logistics park.
Although the financial details of the transaction have not been disclosed or confirmed by PD Ports, Pontegadea Inversiones, or Brookfield, according to the Financial Times, citing sources close to the deal, the purchase of 49 percent of the port company by Amancio Ortega was closed at a figure slightly below two billion pounds; about 2.31 billion euros at the current exchange rate.
In summary Amancio Ortega, through Pontegadea Inversiones, has acquired 49 percent of the British port company PD Ports.
PD Ports operates 11 port facilities in the UK and is the statutory port authority of the River Tees.
The transaction, subject to regulatory approval, values Ortega's stake at close to 2.31 billion euros. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
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