M&AOct 21, 2026, 08:03 UTC

IFM to buy control of UK's biggest ports group ABP from Canadian pension funds

What's the deal? CPP Investments and OMERS have agreed to sell their combined 63.9% controlling stake in Associated British Ports (ABP) to a fund managed by IFM Investors. CPP Investments is offloading 33.9% and OMERS 30%. Financial terms were not disclosed.

What does ABP do? ABP is the UK's largest ports group, operating 19 facilities and handling about 25% of the country's seaborne trade. It also supports more than half of the UK's offshore wind capacity.

Why now? CPP Investments bought in during 2015 and OMERS joined ABP's original investor group at its 2006 privatisation. The sale lets both recycle capital after long holds — a move James Bryce of CPP Investments called "an attractive opportunity to realize the value of our long-term investment."

What's the endgame? IFM, owned by Australian and UK pension funds, frames the deal as a long-term infrastructure play. "This transaction reflects our longstanding commitment to mobilising pension capital into UK infrastructure," said Kyle Mangini, its global head of infrastructure.

What could go wrong? Completion, expected in the first half of 2027, is subject to regulatory and national-security review. As a strategic piece of UK trade infrastructure, the change of control could draw scrutiny.

The signal: The win caps a competitive auction that drew Apollo, KKR and Adani, with earlier reports pointing to a possible whole-company valuation near £9–10 billion. The outcome underscores how global pension and infrastructure capital is consolidating control of Britain's critical ports.