12 May 2010
12 May, 2010 – Mayer Brown is advising the Port of Portland (Oregon) on a 25-year lease of its sole container terminal to Philippines-based International Container Terminal Services, Inc. (ICTSI). Under the agreement, which was approved by the Port of Portland Commission and signed today, ICTSI will operate the terminal in exchange for an advance payment to the Port and ongoing annual fixed and variable lease payments.
ICTSI is one of the largest port operators in the world. This is its first U.S. investment. The Port and ICTSI intend to voluntarily submit a notification to the Committee on Foreign Investment in the United States (CFIUS) regarding the transaction. The successful completion of the CFIUS review process is one of the conditions to closing of the transaction.
The Mayer Brown team of attorneys from the Government & Global Trade practice includes Chicago partner Joe Seliga, Washington, D.C. partner Simeon Kriesberg and Chicago associate Jeromy Cannon.
Mayer Brown has advised on some of the largest and most important infrastructure projects in the world. These include the first US airport and first US toll road public-private partnerships, the first public-private partnership in Brazil, involving the São Paulo metro, the $5.2 billion expansion of the Panama Canal and the award-winning Suzhou Industrial Park water project in China.
The Infrastructure Group assists with raising capital for investment and project financing and development, entering into public-private partnerships related to existing infrastructure assets, developing new projects, forming infrastructure funds and most any other infrastructure-related activity. In 2009, the firm was named North American Law Firm of the Year by Infrastructure Investor Magazine, and many of its projects continue to earn “Deal of the Year” honors from prominent industry publications.