Canada Pension Plan Investment Board (CPP Investments) has agreed to acquire North American marine terminal operator Ports America.

CPP Investments has been a minority investor in Ports America since 2014 and it said it will continue to support the business with long-term capital and continuity of ownership.

Port America operates across 70 locations in 33 ports on each of the USA’s three coasts. The operator handles 13.4 million teu annually, including 10 million tons (9.1 million tonnes) of general cargo, 2.5 million vehicles and 1.7 million cruise ship passengers

The transaction is subject to satisfaction of certain closing conditions and regulatorly requirements and is expected to close by the fourth quarter of 2021.

Scott Lawrence, managing director, head of Infrastructure at CPP Investments, said: “Terminal operators play a crucial role as cargo demand and transportation requirements continue to grow in response to the rapid and dynamic changes in how individuals and businesses are buying and selling products. Through further investment, Ports America can continue to meet these needs and we look forward to working with ceo Mark Montgomery and the management team to support the growth of the business in the upcoming years.”