HONG KONG's Orient Overseas (International) Ltd (OOIL) says it has completed the sale of three of the four terminals to the Ontario Teachers' Pension Plan Board (OTPP), a company statement announced.

The company, the parent of Orient Overseas Container Line (OOCL), was still waiting for the consent of the New York and New Jersey Port Authority to complete the deal on the sale of the New York Container Terminal on Staten Island.

The sale of the other three terminals - Deltaport and Vanterm terminals in the Port of Vancouver and Global Terminal in Bayonne, New Jersey in the Port of New York and New Jersey - was completed on January 11.

"We are pleased to have completed the sale of three of the four terminals to the Ontario Teachers' Pension Plan Board," said Nicholas Sims, CFO of OOIL. "The board is an ideal acquirer for the terminals. They are a long-term investor who we believe can maintain a stable environment for growth and the continued success of the terminals."

OOIL announced in November that it entered into an agreement to sell the four container terminals to the OTPP for US$2.35 billion in cash. Shareholders approved the transaction in December.