25MAR2019 - NEWS - Yilport Holding AS of Turkey in advance talks to buy a container terminal in Long Beach, California

Turkey’s Yilport Holding AS is in advanced talks to buy a container terminal in Long Beach, California, a deal that would value the facility at close to $2 billion. The discussions between Yilport, owned by Robert Yuksel Yildirim, and terminal owner Cosco Shipping Holdings Co. aren’t yet exclusive. Cosco, the Chinese state-owned shipping giant, agreed to sell the Long Beach terminal to obtain U.S. regulators’ approval for its acquisition of OOIL, a rival container-shipping line, a deal completed last year. In such mandated transactions, the Committee on Foreign Investment in the United States, or CFIUS, must also approve the buyer. The Port of Long Beach is a U.S. gateway for trans-Pacific trade and the second-busiest container seaport in the U.S., handling more than 7.5 million containers each year.

Published by Editor - www.Livebunkers.com at 25-Mar-2019 05:32:34 [UTC] , contact editor at editor@livebunkers.com