DP World Limited is buying Maher Terminal’s Fairview Container Terminal (Fairview) in Prince Rupert, British Columbia, from Deutsche Bank.
Fairview is a purpose-built terminal with a current capacity of 850,000 TEU (twenty-foot equivalent container units), with a just-announced Phase 2 expansion that will take capacity to 1.35 million TEU.
The concession period runs to 2034 with an extension to 2056 after the completion of Phase 2. Total consideration payable is C$580 million (US$457 million*) for the total outstanding stock of Fairview on a cash-free, debt-free basis (subject to customary adjustments). The completion of the transaction is subject to applicable Canadian regulatory approvals and is expected to occur in the second half of 2015. Click here to read more.