London Daily

Focus on the big picture.
Friday, Jul 25, 2025

Big investors back South Tees bid for key English ports

Big investors back South Tees bid for key English ports

Success of L&G-backed bid for PD Ports would boost mayor Ben Houchen’s ambitions in north-east England
A group of powerful investors are preparing a £2bn takeover of one of the UK’s largest port operators in a move seen by some as a vote of confidence in the government’s levelling-up agenda.

The South Tees Development Corporation, which is run by the Tees Valley combined authority and headed by the local mayor, Ben Houchen, has reportedly been preparing a bid for PD Ports, which owns 12 ports and distribution sites across the UK.

The bid – said to be worth at least £2bn – has been backed by the pensions giant Legal & General, as well as the Pension Insurance Corporation and Credit Suisse, according to reports. Nearly half of the cash would be funded through debt, though the partners are expected to contribute hundreds of millions of pounds to fuel the takeover.

The cost has soared since earlier in the summer, when it was believed that Houchen and a group of investors backing the bid expected to pay just £1bn.

The investor group is expected to submit an initial offer for PD Ports within the next two weeks, just months after its existing owner, the Canadian asset management giant Brookfield, put the group up for sale. However, a source close to the matter told the Guardian that there have been expressions of interest from a range of investors globally, and that it is far too early to tell which bidder might come out ahead.

The prospect of a bidding war comes just weeks after the prime minister, Boris Johnson, and the chancellor, Rishi Sunak, wrote to asset managers and major shareholders in the City, urging them to shift money into “big bang” investment projects, including national infrastructure, to help boost the UK’s economic recovery after Covid.

PD Ports’ sites include Teesport, which is the fifth largest port in Britain by tonnage and considered the the gateway to northern England, a region that accounts for roughly 40% of the UK’s total industrial output. It is next to the Teesworks redevelopment site, which has been given low-tax freeport status after the chancellor unveiled further “levelling up” plans – meant to improve the economic prospects of communities across the UK – in the March budget.

Houchen, who was re-elected in May and is considered a key ally of the prime minister, has pledged to create thousands of jobs by demolishing the SSI Steelworks – which went bust in October 2015 – and transforming the area into a green energy hub. A successful bid for Teesport would build on Houchen’s ambitions.

Brookfield Asset Management and Credit Suisse declined to comment. Legal & General, the Tees Valley combined authority and the Pension Insurance Corporation did not immediately respond to requests for comment.
Newsletter

Related Articles

0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×