Pension fund to buy four marine terminals
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From the Associated Press
The Ontario Teachers’ Pension Plan, a Canadian retirement fund manager, agreed to buy four marine container terminals in the New York area and in British Columbia from Hong Kong-based Orient Overseas (International) Ltd. for $2.4 billion.
Combined annual sales of the operations total about $500 million. They are the New York Container Terminal on New York’s Staten Island and Global Terminal and Container Systems Inc. at the Port of New Jersey. The deal also includes two terminals in Vancouver, Canada.
The pension fund manages $84 billion in assets.
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