Ipswich and Lowestoft ports sold

The company which runs Ipswich and Lowestoft ports - together with another 19 across the UK - has today accepted a £2.4billion takeover deal.

The company which runs Ipswich and Lowestoft ports - together with another 19 across the UK - has today accepted a £2.4billion takeover deal.

AB Ports, which also runs King's Lynn port, is backing a buyout by US bank Goldman Sachs.

The deal still has to be approved by shareholders and also rests on due diligence work.

AB Ports chief executive Bo Lerenius will stay in post to oversee the development of the business.

In a statement the consortium said: "The members of the consortium are specialists in infrastructure investments, who seek investment opportunities which provide stable cashflows and appropriate growth opportunities.

"The consortium also believes that the benefits of private ownership will enhance the long-term value of ABP, while providing ongoing stability to the business."