Norton Rose Fulbright advises AIIM and Mokobela-Shataki on sale of The Logistics Group to ICTSI

Global law firm Norton Rose Fulbright has advised funds managed by African Infrastructure Investment Managers (AIIM) along with empowerment investor Mokobela-Shataki Proprietary Ltd. (Mokobela-Shataki) on the sale of 100 per cent of The Logistics Group Acquisition Holdings (RF) Proprietary Ltd. (TLG) to International Container Terminal Services, Inc. (ICTSI).

TLG is an integrated port and cargo handling services provider with operations across Southern Africa, including Cape Town, Port Elizabeth and Durban in South Africa, as well as Mozambique and Namibia. AIIM, acting through AIIF4 General Partner Proprietary Ltd. and IDEAS Infrastructure II GP Proprietary Ltd., holds a 74 per cent interest in TLG, while Mokobela-Shataki Proprietary Ltd. owns the remaining 26 per cent.

ICTSI is the world's largest independent terminal operator with operations across six continents and listed on the Philippine Stock Exchange.

Under the sale and purchase agreement, ICTSI will acquire the entire issued equity share capital of TLG. The transaction marks a significant milestone for the business and reflects the growth achieved under the ownership of AIIM and Mokobela-Shataki.

The acquisition will further expand ICTSI's presence on the African continent, adding TLG's portfolio to its existing network of terminals in South Africa, Nigeria, Cameroon, the Democratic Republic of Congo and Madagascar.

Completion of the transaction remains subject to customary conditions precedent, including the receipt of applicable regulatory approvals.

The Norton Rose Fulbright team was led by London-based partner Bayo Odubeko, and included senior associate Matthew Eccles and associates Ashleigh Lister and Charlotte Connell, supported by tax partner Michael Alliston, senior associate Elisabeth Trotter and associate Alex Mann.

Bayo Odubeko commented:

"We are pleased to have advised AIIM and Mokobela-Shataki on this significant exit. The deal highlights the continued attractiveness of African infrastructure assets to strategic investors and demonstrates the long-term prospects of port logistics assets in fast growing economies."