Categories: Business, Felixstowe, Hull, PD Ports, TeesportPublished On: 02.03.2020197 words1 min read

The Canadian owner of Canary Wharf is weighing a sale of one of Britain’s oldest port companies for up to £1.6billion.

The Canadian owner of Canary Wharf is weighing a sale of one of Britain’s oldest port companies for up to £1.6billion.

City sources said Brookfield has been talking to financial advisers with a view to appointing one to run a ‘strategic review’ of PD Ports.

PD Ports owns 13 UK shipping terminals, including those at Hull and Felixstowe.

The company traces its origins to a coal mining company founded by entrepreneur Thomas Powell in South Wales in the 19th Century.

It was originally called Powell Duffryn and was eventually amalgamated into the business empire of Sir George Elliot, a self-made coal mining businessman and engineer from Gateshead in Durham.

Brookfield – which bought Canary Wharf with the Qatar sovereign wealth fund for £2.6billion in 2015 – took control of PD Ports 11 years ago after it was bought and sold by several other financial investors including Babcock & Brown.

Bankers said PD Ports generates between £50million and £60million of operating profits so it could change hands for between £1.2billion and £1.6billion . . . .

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