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K Line closes sale of US container terminal operator

December 22, 2020


K Line’s subsidiary ITS has been operating container terminals in Port of Long Beach and Port of Tacoma on the US west coast for more than 40 years.

The closing of the transaction comes after the parties received necessary regulatory approvals.

In August 2020, K Line signed an agreement to sell its 70 per cent stake in ITS to Macquarie’s companies MIP V and Bidco.

K Line projected a sales gain of approximately JPY 20 billion (about $193 million) as extraordinary income in the consolidated financial results for the fiscal year ending March 31, 2021.

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