Eastern Canada’s largest container terminal sold to Singapore-based port operator

Macquarie Group Ltd. says it has reached a deal to sell the largest container terminal in Eastern Canada.

The Australian investment bank says it has finalized an agreement to hand over the Halterm terminal at the Port of Halifax to PSA International Pte Ltd.

READ MORE: Halifax Port Authority launches online survey on possible expansions in the future

The Singapore-based port operator will also acquire Penn Terminals in Philadelphia from the Australian firm. Both terminals are currently owned by Macquarie Infrastructure Partners, a fund managed by a Macquarie Group subsidiary.

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A Macquarie spokesperson says it is in the process of securing regulatory approvals from Canadian and U.S. authorities.

WATCH: Port of Halifax explores expansion options

1:52 Port of Halifax explores expansion options

Macquarie declined to comment on the price tag or closing date.

PSA beat out several bids for Halterm, including a joint bid by Canadian National Railway Co. and a partner.