A.P. Møller - Mærsk A/S (CPSE:MAERSK B) entered into a definitive agreement to acquire Pilot Freight Services, Inc. from ATL Partners and British Columbia Investment Management Corporation for $1.8 billion on February 9, 2022. As reported, the transaction price is $1.68 billion equivalent to an enterprise value of $1.8 billion post IFRS-16 lease liabilities. The consideration will be paid in cash. Following the acquisition, Pilot and Maersk will operate as independent businesses and run their operations as usual until that time. Pilot Freight Services team will join A. P. Moller - Maersk family. The transaction is subject to regulatory review and approval which is expected to be obtained by the second quarter of 2022. A.P. Møller - Mærsk intends to close the transaction during Q2 2022. Morgan Stanley & Co. LLC and Frank Mountcastle, Jason Bass, Jonathan Meredith, Trey Balson, Tom Dunne and Justin Icardo of The Harris Williams Transportation & Logistics Group acted as financial advisors to Pilot. Alexander Fine, Mark Director, James Chenoweth, Michael Collins, Michael Murphy, Aaron Adams, Adam Di Vincenzo, Andrew Cline and Christopher Timura of Gibson, Dunn & Crutcher LLP served as legal counsel to Pilot. BofA Securities acted as financial advisor and Andrew Milano of Morgan, Lewis & Bockius LLP acted as legal advisor to A.P. Møller - Mærsk. Peter Feist and Kimberly S. Blanchard of Weil, Gotshal & Manges LLP acted as legal advisor to British Columbia Investment Management Corporation.

A.P. Møller - Mærsk A/S (CPSE:MAERSK B) completed the acquisition of Pilot Freight Services, Inc. from Aerospace, Transportation & Logistics Fund II LP managed by ATL Partners and British Columbia Investment Management Corporation on May 2, 2022. Pilot Freight Services will be rebranded to Pilot – A Maersk Company.