OOIL sold the Long Beach Container Terminal in California in a transaction valued at $1.78bn. Credit: Wiki Commons / Regular Daddy.

Orient Overseas Container Line (OOCL) has sold of Long Beach Container Terminal to a Macquarie Infrastructure Partners (MIP)-led consortium for $1.78bn.

The deal was originally announced in April. According to the agreement, OOCL sold 100% of shares of the terminal.

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LBCT LLC operates the terminal, which is located in the Port of Long Beach in California, US.

OOCL parent company OOIL, Faulkner Global, the US Department of Homeland Security and the US Department of Justice have signed National Security Agreement. The terminal sale deal was part of the agreement.

OOCL CEO Andy Tung said: “Over the past thirty years, we have developed Long Beach Container Terminal into the safest, most efficient and lowest-emission terminal in the United States.

“We are confident of the future prospects of the terminal under the ownership of MIP and its co-investors and we look forward to being a long-term strategic customer of Long Beach Container Terminal and the Port of Long Beach.”

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According to the contract, OOCL will also sign a container stevedoring and terminal services agreement with LBCT for a period of 20 years.

MIP CEO Karl Kuchel said: “This transaction marks another key milestone in our relationship with OOIL and we greatly appreciate their significant long-term customer commitment to LBCT.

“We are also committed to completing the current expansion of LBCT by 2022, which will significantly increase the capacity of the terminal.”