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Banks hired for 1 bln euro sale of Euroports -sources
October 20, 2017 / 1:34 PM / a month ago

Banks hired for 1 bln euro sale of Euroports -sources

LONDON, Oct 20 (Reuters) - A consortium of investors has appointed Citi and Goldman Sachs to sell Euroports, which could be valued at about 1 billion euros ($1.18 billion), sources familiar with the process said.

One of the sources said the company, which has turnover of 550 million euros, was difficult to value because it had stakes in a diverse range of ports and there was little information available.

The European ports operator is owned by Brookfield Asset Management, Antin Infrastructure Partners and Arcus Infrastructure Partners and has 22 terminals in Europe and three in China.

Brookfield and the banks declined to comment. The company and the other investors did not respond immediately to requests for comment.

Euroports handles about 46 million tonnes a year, with a strong focus on general cargo and dry bulk. Sources said that Chinese investors typically preferred container ports but could still consider the asset as part of an aggressive acquisition drive in the sector.

China agreed to take a multibillion-dollar 70 percent stake in a strategically important sea port in Myanmar, an official said this week, as part of China’s ambitious “Belt and Road” infrastructure investment programme to deepen links with economies throughout Asia and beyond.

Unveiled in 2013, the project is aimed at building a modern-day “Silk Road”, connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. ($1 = 0.8465 euros) (Editing by David Goodman)

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