An investment holding company has agreed to buy a 49% stake in UK port and logistic business PD Ports from alternative asset manager Brookfield Asset Management, headquartered in New York.

The investment firm Pontegadea Inversiones, S.L. (Pontegadea) is buying PD Ports, one of the UK’s major port groups, operating across 11 locations nationwide including Teesport and Hartlepool in the north, a cluster of sites on and around the River Humber, and Felixstowe, Thames and the Isle of Wight in the south.

Brookfield will remain invested in the business and, as a long-term shareholder, will work closely with Pontegadea to support the continued growth of PD Ports.

“This deal signals a bold new chapter for PD Ports – one that builds on our proud heritage and sets a confident course for the future,” said PD Ports chief executive Frans Calje.

“PD Ports’ ability to attract a high-quality investor is a powerful endorsement of the business, its people and its long-term vision. While we have successful operations around the UK – including Groveport, Felixstowe and the Isle of Wight – we are firmly anchored in Teesside and will continue to make targeted investments in our sites and our operations here and around the UK.”

No financial details of the deal were released, and the agreement remains subject to customary regulatory approvals.