Britain's biggest port operator, which handles a quarter of UK seaborne trade, agrees £10bn sale to an Australian fund

IFM Investors will acquire Associated British Ports, which owns 21 ports including Southampton and Immingham. CPP Investments and OMERS, both major Canadian pension funds, are divesting their combined 63.88% stake. The Australian firm beat out KKR, Apollo and Indian billionaire Gautam Adani in the process. Regulatory approval and mandatory UK national security filings are still required before the deal can close.

OMERS joined the consortium that brought ABP into private ownership in 2006 at a price of just £2.8bn.

Singapore's GIC and Kuwait's Wren House hold minority stakes in the ports.