KKR Infrastructure, Apollo Global Management, IFM Investors and Adani Ports have been shortlisted in the sale of a majority stake in Associated British Ports, four sources familiar with the situation said.

A second phase will now begin in early September, the sources said, with one adding that there will be another round of non-binding bids in a “2a” process to achieve more clarity on valuation, followed by a “2b” round that will result in binding bids.

Infralogic reported last month that KKR Infrastructure, Apollo Global Management, IFM Investors and Adani were preparing initial offers ahead of a 23 July deadline for the 63.9% stake in the UK’s largest port operator being sold by CPP Investments and OMERS.

Infralogic reported in January that Canadian pension investors CPP Investments and OMERS had appointed Morgan Stanley to explore a sale of their combined majority stake in the business. OMERS is also being advised by CIBC, while CPP Investments has also retained Gleacher Shacklock as its own financial advisor.

The sale could value the whole business at around 20 times EBITDA or around GBP 9bn, Infralogic previously reported, while one source said a sale multiple is likely to be somewhere “in the middle of 16x and 21x”.

CPP Investments owns 33.9% of ABP, while OMERS has 30% and GIC has 20%. ABP’s other shareholders are Wren House Infrastructure with a 10% stake and Federated Hermes with 6.1%.

If Adani wins the auction for the majority stake, the other shareholders are likely to seek an exit rather than retaining a shareholding in an asset that would be part of a much bigger international portfolio of ports, according to the sources. Adani is also interested in buying the whole of ABP, three of the sources said.

Adani is India’s largest private port operator with sites at 15 locations across the country. In 2022 acquired a stake in Haifa Port from the Israeli government and is planning to increase its presence along the main international shipping routes, with target markets including Africa and Southeast Asia.

Aside from the shortlisted bidders, ABP shareholder GIC is working with Rothschild as an advisor on potentially increasing its stake in ABP through a right of first offer (ROFO) pre-emption process, as reported. This process has started but has not yet completed, the sources said.

The sale of the ABP stake has also attracted the attention of Peel Ports, the UK’s second-biggest port operator, which appointed Jefferies to advise on a bid as well as Brookfield, the owner of a stake in rival port operator PD Ports, Infralogic previously reported. Brookfield did not ultimately submit a bid, the sources said, adding that Peel is being held at “arm’s-length” from the process given potential competition complications. Strategics have not been formally invited to the process to avoid putting off financial bidders.

ABP is the UK’s largest port operator, with operations at locations including Plymouth, Hull, and Cardiff. In its annual report for calendar year 2025, it reported EBITDA of GBP 473.7m, up from GBP 430.1m the previous year as revenue rose by 4.6% to GBP 819.8m, driven by factors including increased property rents and new business wins.

CPPIB, OMERS, Apollo, GIC, Adani, Peel and Wren and KKR declined to comment. IFM, Brookfield and Hermes did not respond to requests for comment.