Teesport owner sells 49% PD Ports share to Spanish investment group

THE owners of the North East's largest port have sold almost half of the business to a Spanish investment fund.

- By NAOMI CORRIGAN

Pontegadea Inversiones - an investment company based in the Spanish city La Coruna - has agreed to purchase 49% of PD Ports on Teesside.

The deal, which is subject to regulatory approvals, would see PD's current owner Brookfield work with Pontegadea to support the company’s growth.

PD Ports is the operator of Teesport and the Port of Hartlepool, though it also has some smaller sites on the Humber and on the south coast.

The company's new partner is an investment company founded in 2001 by Amancio Ortega, founder of the Zara fashion chain and one of the world’s richest men.