Flinders Ports Acquires Full Ownership of the Adelaide Container Terminal
ICG is pleased to advise that today Flinders Ports completed its acquisition of the remaining 60% interest in the Adelaide Container Terminal business from DP World South Australia. This transaction gives Flinders Ports full ownership of the terminal business, which has been renamed to Flinders Adelaide Container Terminal.
Flinders Ports has performed exceptionally well since it was first privatised in 2001. The initial 40% stake in the Adelaide Container Terminal was acquired three years ago and today it handles 260,000 containers per year. The acquisition of remaining 60% will further enhance the financial position and future growth opportunities of Flinders Ports. It is strongly accretive to earnings and value and will provide additional long-term benefits from having wholly owned integrated freight facilities.
DIT made its first investment in Flinders Ports in July 2010. In December 2011, ICG’s funds, together with Local Super, purchased an additional stake in Flinders Ports taking the interest of their jointly owned investment vehicle to 35%.