EU fast tracks Babcock & Brown Europort sale

Babcock & Brown Infrastructure has received clearance from the European Union to sell a management stake in port operator Europort

European Union regulators have rushed through the sale of Babcock & Brown’s stake in port operator Europort because it “will not impact competition among European ports”, according to the Journal of Commerce.

Babcock & Brown Infrastructure (BBI) agreed to sell a 29.7 percent stake in Europort in late December for around €155 million. The sale was due to complete in the second quarter, but the European Commission has now agreed to rush it through.

French fund Antin Infrastructure Partners will take 19.9 percent, and Babcock & Brown European Infrastructure Fund 9.8 percent. They have 18 months to decide whether to increase their combined stakes to 49 percent in the port manager, which operates across 20 ports.