Canadian company buys QLD coal terminal
Canadian investors Brookfield Asset Management group has bought a 49.9 percent stake in Queensland’s largest coal export terminal at Dalrymple Bay, in a deal reportedly worth $1.5 billion.
Operator Babcock & Brown Infrastructure (BBI) had previously announced it would sell some assets to address debt. The funds will also give Brookfield BBI’s PD Ports operation in Europe.
BBI shareholders and Brookfield investors have yet to finalise the sale, though the board and management of both organisations are enthusiastic about the deal.
“This transaction is a significant step forward for Brookfield’s global infrastructure growth plan and enhances our position as a leading global infrastructure asset manager,” said Brookfield’s senior managing partner and chief executive Sam Pollock.
BBI was close to capitulation after the global financial crisis claimed original investment bank Babcock & Brown.