China’s Cosco plans to sell its container terminal in California for $1 bln

12/15/2018 6:43:00 AM (GMT)

U.S.-based private equity firm Blackstone Group LP and investment firm KKR & Co. plan to acquire Chinese shipping giant Cosco Shipping Holdings Co.’s container terminal in Long Beach.

The container terminal, located in California, could be valued at $1 billion or more, depending on the structure of the transaction.

Furthermore, Swedish private equity firm EQT Partners and an arm of Australian investment bank Macquarie Group Ltd. could also be among potential buyers for the container terminal.

Cosco will divest its terminal to obtain U.S. regulators’ nod for its acquisition of Hong Kong-based container-shipping company Orient Overseas International Ltd.

Blackstone Group LP.

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