7:00 PM Freeport, The Bahamas – The two owners of the Grand Bahamas Port Authority agreed to a settlement that divided their holdings equally at the end of March. The GBPA is likely to be sold to international buyers in less than a year.

One of the longest running family feuds in the Bahamas was settled at the end of March is now fueling speculation of the sale of the Grand Bahama Port Authority.

The Grand Bahama Port Authority, a privately held corporation and acts as a municipal authority for Freeport, Grand Bahama Island, The Bahamas was created by the Hawksbill Creek Agreement.

Sir Jack Hayward and the estate of the late Edward St. George reached an agreement to end all litigation and divide the ownership of the GBPA equally. Both families are looking to sell the entire stake in the GBPA and not seek minority stake as previously reported.

As of February 2008, the exact ownership structure of the GBPA was in doubt after former partners sought court action.

The joint statement released by Jack Hayward and Sarah St George on March 31 stated that families have informed Prime Minister Hubert A Ingraham that they have signed “binding an conclusive settlement” to end all litigation.

The GBPA operates the free trade zone, under special powers conferred by the government under the Hawksbill Creek Agreement, which was recently extended until August 3, 2054.

The agreement also increased the land grants to 138,000 acres from 50,000 acres.

The GBPA partners with Hutchison Whampoa on the container port through Hutchison Port Holdings and resort area at Lucaya.

Temasek Holdings, the investment arm of Singapore that manages $120 billion as of July 2009 is rumored to be the front runner in acquiring the GBPA.

Dubai Ports World, an operator of 49 container terminals is likely to be another bidder for the entire stake.