AIG buys Marine Terminals Corp.

Marine Terminals Corp. (MTC) has became the latest acquisition of AIG Global Investment Group (AIGGIG), underscoring that the financial giant is still on the hunt for maritime infrastructure holdings. The announcement late Wednesday afternoon said that 100% of MTC Holdings – parent of the terminal operator – was sold by owner Christopher Redlich Jr. to Highstar Harbor Holdings III Inc., a subsidiary of AIG Highstar Capital, which itself is held by AIGGIG. Terms of the sale were not disclosed, however it was confirmed that current MTC management will remain in place. MTC chief executive officer Doug Tilden put a positive spin on the deal, asserting that the takeover will give MTC the funding it needs to develop its operations at 32 terminals at key strategic ports, including Oakland, Los Angeles, Long Beach, Seattle, Tacoma, Baltimore and Savannah. The announcement comes days after AIG announced its acquisition of Amports, a provider of automotive processing services at the US ports of Benicia, Baltimore and Brunswick and on both coasts of Mexico. It also comes a month after AIGGIG closed on its takeover of P&O Ports’ US terminal holdings from DP World. MTC has previously announced plans to expand into Mexican ports; at present, there is no indication on how the takeover impacts that strategy.