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Group5_PortofBaltimore - Factiva...

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WSJ: Grp Led By Highstar Cap To Invest Up To $1.3B To Expand Port Of Baltimore By Christopher Conkey Of THE WALL STREET JOURNAL 675 words 20 November 2009 19:24 Dow Jones News Service DJ English (c) 2009 Dow Jones & Company, Inc. A private investment group led by Highstar Capital has agreed to invest as much as $1.3 billion to expand the Port of Baltimore as ports in the eastern U.S. push to make changes needed to serve a new generation of supersize cargo vessels. The deal, announced Friday, is essentially a 50-year lease between the Maryland Port Administration and Ports America Group, a company owned by Highstar Capital, a New York private-equity fund. In exchange for the right to operate Baltimore's cargo-container terminal for 50 years, Ports America will make an upfront payment of $100 million and a series of infrastructure improvements at the port. Chief among them: deepening the water at the cargo terminal to 50 feet from its current depth of 45 feet. (This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.)
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