On Thursday, Australian financial conglomerate Maquarie Group Ltd said a fund that its asset management arm managed had signed an agreement which would see it divest its ownership interests in US-based port terminal operator Ceres Terminals Holdings LLC.

Macquarie’s sale of North American port facilities business Ceres Terminals, which had been valued at $1 billion, was reported by the Wall Street Journal in May, in a report which quoted sources familiar with the matter.

Although a deal value was not disclosed, the Macquarie Group released a statement announcing Macquarie Infrastructure Partners III signed an agreement with Carrix, the American marine terminal operator.

The statement noted that Macquarie will maintain its ownership of Ceres Terminals Jacksonville, and Intermodal Container Transfer Facility in Jacksonville, since the transaction will not include the two units, which are managed by Ceres.

In 2019 the financial conglomerate acquired total control of the stevedoring operations from Nippon Yusen Kaisha (NYK Line), the Tokyo-based shipping and logistics firm.

Craig Mygatt, the chief executive officer of Ceres Terminals said, “We all look forward to the next chapter of growth with Carrix,…we are confident that the combination will continue to serve our customers, employees and other stakeholders well.”

Macquarie did not respond to a request for confirmation of the price of the deal.