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APM Terminals in Portsmouth being sold

Wednesday - 7/23/2014, 9:01am  ET

PORTSMOUTH, Va. (AP) -- A port terminal in Portsmouth says it is being sold to a partnership.

APM Terminals says terms of the sale to U.S. infrastructure investment firm Alinda Capital Partners LLC and England-based private-sector pension fund Universities Superannuation Scheme Ltd. weren't disclosed.

Media outlets report the terminal's name will change to Virginia International Gateway.

The sale requires regulatory approval and is expected to close within the next few months. APM Terminals North America President Eric Sisco says the sale is expected to have no impact on customers or employees.

Sisco says the buyers are committed to the long-term development of the Port of Virginia and a relationship with the Virginia Port Authority and the state.

APM Terminals opened at the Port of Virginia in 2007 at a cost of approximately $500 million.


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Tags: portsmouth