First announced in May this year, the deal has been concluded after PSA received formal approval from the regulatory bodies.
In Eastern Canada, Halterm is the lone container terminal that can handle mega container vessels.
Three container berths encompassing over a kilometre of quay length with a depth of up to 16m are operated by the terminal.
Currently, it is undergoing further berth expansion, including the delivery of a fifth Super Post-Panamax Quay Crane. The expansion will allow the port to serve two mega container vessels simultaneously by next year.
PSA International Group CEO Tan Chong Meng said: “We are excited to welcome Halterm into PSA’s global family of ports, as PSA’s first coastal terminal in Canada.
“We look forward to working alongside the Halifax Port Authority, customers, staff and the local community, as well as key stakeholders like the International Longshoremen’s Association and Canadian National Railway Company (CN) to further enhance Halterm’s capabilities and connectivity to serve the needs of shippers in the greater hinterland of Canada and beyond.”
Connecting more than 150 countries, the Port of Halifax is the Ultra Atlantic Gateway for Canada. The port generates C$2bn ($1.51bn) in revenue annually from a diverse cargo and cruise business.
In addition to the Halterm terminal, PSA also operates British Columbia’s largest inland port Ashcroft Terminal.
PSA’s global network includes more than 50 coastal, rail and inland terminals across 18 countries.