“Port of South Louisiana Cuts Purchase Price for Avondale Global Gateway by $100 Million”
Point 1: The Port of South Louisiana has reduced its offer price for the Avondale Global Gateway by over $100 million, settling on a new purchase price of $330 million. This is a significant decrease from the initial price of $445 million, which faced criticism from trade officials and Gov. John Bel Edwards.
Point 2: The revised deal terms, approved by the port’s board, include $280 million in cash and a $50 million mortgage note from T. Parker Host, the private-equity firm that owns the site. The lower purchase price represents a victory for CEO Paul Matthews, who aims to expand the port’s operations and establish a region-wide strategy for industrial development.