OMERS and CPP Investments Sell Associated British Ports to IFM
TORONTO — The Canada Pension Plan Investment Board and OMERS have signed a deal to sell their entire stakes in Associated British Ports to IFM Investors.
Financial terms of the sale were not disclosed.
ABP is Britain’s largest port operator with 19 ports in England, Scotland and Wales.
CPP Investments holds a 33.9 per cent interest in ABP, while OMERS owns 30.0 per cent.
IFM Investors is a global asset manager, owned by Australian pension funds and British pension fund Nest.
CPP Investments and OMERS first acquired their stakes in ABP in 2015 and 2006 respectively.
Kalbir Tawar of Briefs Finance also reports IFM takes 64% of Associated British Ports in deal valuing the company at about £10 billion:
Summary:
- IFM Investors acquired a 64% holding in Associated British Ports
- The price implies about a £10 billion ($13.4 billion) valuation, per a person familiar with the figures
- Canada Pension Plan Investment Board and Omers exited, with holdings dating to 2015 and 2006
The deal and the price
IFM Investors bought a 64% interest in Associated British Ports, the UK's biggest port operator. A person with knowledge of the deal, who requested anonymity, said the purchase values the company at roughly £10 billion, or $13.4 billion, making it one of the year's largest UK transactions.
Who moved and who stayed
Canada Pension Plan Investment Board and Omers sold their holdings after investing since 2015 and 2006, respectively. Singapore's sovereign wealth fund GIC remains a shareholder. IFM won out over other contenders that Bloomberg News reported were in the hunt, including Apollo Global Management and KKR.
Assets and history
Associated British Ports counts 19 facilities, according to a Tuesday statement. It traces back to the 1980s privatization and listing of the British Transport Docks Board, and it was taken private in 2006 by a group that included Omers.
What IFM brings and timing
IFM already owns ports in Europe, including in Poland and Turkey, and its website says it oversees $96 billion in infrastructure investments. Its portfolio also includes Manchester Airports Group and Anglian Water, and ownership of the firm sits with 15 Australian pension funds together with the UK's National Employment Savings Trust. The AB Ports transaction remains subject to customary approvals from shareholders and regulators and is slated to close in the first half of 2027.
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Why it matters for investors
This ranks among the UK's largest transactions this year, appearing next to Nuveen's £9.9 billion purchase of Schroders Plc and to Apollo's £5.7 billion move to buy the budget airline EasyJet Plc. For portfolio builders watching infrastructure, IFM's move underscores ongoing demand for core transport assets that can deliver steady, regulated-like cash flows.
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Earlier today, CPP Investments and OMERS issued a joint press release stating they have reached an agreement to sell their entire stakes in Associated British Ports to a fund managed by IFM Investors:
London, U.K. – Canada Pension Plan Investment Board (“CPP Investments”) and OMERS today announced they have agreed to terms with a fund managed by IFM Investors to sell each of their respective 33.9% and 30.0% stakes in Associated British Ports (“ABP”). CPP Investments and OMERS initially acquired their stakes in 2015 and 2006 respectively. Completion of the transaction is subject to stakeholder review and approval processes. Financial terms are not disclosed.
ABP is a leading ports group, the largest in the UK, providing essential gateways for trade and enabling green infrastructure essential for the UK’s energy transition. As the operator of 19 facilities, the business handles approximately 25% of UK seaborne trade. ABP provides support for over half the UK’s offshore wind and catalyses investment, good jobs and prosperity in coastal communities.
Kyle Mangini, Global Head of Infrastructure, IFM Investors, said: “We are pleased to have reached an agreement where a fund managed by IFM would acquire a majority stake in ABP, the UK’s largest ports group with strategically located assets serving some of the country’s most important trade and industrial regions. We look forward to supporting continued development of ABP’s infrastructure and operations, drawing on IFM’s long-term investment approach and experience across ports and other essential infrastructure assets. As an investor owned by Australian and UK pension funds, this transaction reflects our longstanding commitment to mobilising pension capital into UK infrastructure. We are excited to work closely with ABP’s management team, employees and our fellow shareholders to support the company’s continued success.”
James Bryce, Managing Director, Head of Infrastructure, CPP Investments, said: “We are proud to have supported ABP for over a decade, during which time it has continued to operate and develop the critical infrastructure that underpins trade across the U.K. I would like to take this opportunity to express my thanks to the management team, employees across the country, the Board and fellow investors for their hard work and partnership throughout our period of ownership. ABP is a high-quality business which has an extremely important role to play supporting the U.K. economy in the years ahead and we are confident it will continue to thrive under new ownership. This transaction represents an attractive opportunity to realize the value of our long-term investment and recycle capital into new opportunities, helping us deliver strong long-term returns for CPP contributors and beneficiaries.”
Luca Lupo, Senior Managing Director and Head of Europe, OMERS Infrastructure, said: “We are proud to have supported ABP over the past 20 years, working alongside fellow shareholders and management to grow and strengthen one of the UK’s critical infrastructure businesses. During our ownership and with our support, ABP has continued to invest in its ports, support UK trade and develop new opportunities linked to the energy transition, including through major projects such the Immingham Renewable Fuels Terminal, Green Port Hull and Southampton's Horizon cruise terminal. I would like to thank the management team, employees and fellow shareholders for their contributions and wish them continued success. The UK remains a priority market for OMERS Infrastructure, and we are actively exploring new opportunities to invest in high-quality infrastructure businesses across the country.”
Henrik L. Pedersen, CEO of Associated British Ports, said “Today marks a bold new chapter for ABP. Since my arrival at ABP eight years ago, I have experienced firsthand the support for our business and the execution of growth opportunities provided by CPP Investments and OMERS. On behalf of the entire company, I would like to extend my profound appreciation for their partnership. Attracting investment from a fund managed by IFM Investors is a powerful endorsement of our business, our people and our strategy. We are excited to unlock further growth opportunities, together with IFM Investors and our other shareholders, continuing ABP's long-term investment benefitting our customers, our local communities, and the UK.”
The transaction is subject to customary shareholder and regulatory approvals and is expected to complete in H1 2027.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2026, the Fund totalled C$863.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
About OMERS Infrastructure
OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$40.9 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Europe & Asia-Pacific, across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam and Sydney.
About IFM Investors
IFM Investors is a global asset manager, founded and owned by Australian pension funds and the UK pension fund, Nest, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities. Our purpose is to invest, protect and grow the long-term retirement savings of working people. With assets under management of approximately GBP £157 billion as of 30 September 2026, we serve over 900 institutional investors worldwide, operating from 16 offices across Australia, Europe, North America and Asia.
This is another big infrastructure deal for OMERS and CPP Investments, selling a prized UK asset to IFM.
The timing of this deal, a little over a month after the Canada Investment Summit, which IFM attended, shouldn't surprise you.
I'm not saying this deal happened in a little over a month -- early discussions likely took place prior to the summit, around the time Canadian and Australian pensions formalized the CAP Invest initiative -- but I am sure that high-level discussions also took place at the summit as this deal was being finalized.
So, why are OMERS and CPP Investments selling their respective stakes in Associated British Ports (ABP)?
They received a fair offer from IFM and, as CPP Investments' James Bryce noted in the press release, they are going to use the proceeds to recycle capital in infrastructure where they see opportunities:
"...This transaction represents an attractive opportunity to realize the value of our long-term investment and recycle capital into new opportunities..."
The key question is where they are going to invest: outside Canada or within Canada as the federal government speeds up its plans to privatize the operations of airports, ports, and energy assets?
That, I do not know.
What I do know is the enterprise value of Associated British Ports is £10 billion (about $13.4 billion USD), based on this agreement so both CPP Investments (34% stake) and OMERS (30% stake) are going to receive a significant amount to recycle back into infrastructure investments.
Below, ABP handles more than £150 billion of UK trade every year and our network includes 21 ports around the UK. Arteries for international trade, our ports connect the nation’s importers and exporters to global markets. Learn more by watching this clip.
Also, Ports play a vital role in shaping a sustainable, net zero future — both as critical infrastructure and as hubs for clean energy innovation. As the UK’s largest port operator, Associated British Ports (ABP) is leading the charge by decarbonising its own operations and enabling large-scale renewable energy projects across the country.
Third, Max Harris, group head of strategy and sustainability at Associated British Ports, the largest ports operator in the United Kingdom, explains how the company is using tech to accelerate the energy transition across industrial sectors—and create new business models.
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