(Bloomberg) -- Global Infrastructure Partners has shelved plans to buy up to 49% of Malaysia’s biggest port operator from a local tycoon on valuation concerns, according to people with knowledge of the matter.

After completing due diligence on MMC Port Holdings Sdn., the New York-based investment firm couldn’t reach an agreement on a price for the stake, the people said, asking not to be identified as the information is private.

MMC Port’s owner, Syed Mokhtar Al-Bukhary, was seeking a valuation of 15 billion ringgit ($3.2 billion) to 20 billion ringgit for the company, which would’ve made it Malaysia’s biggest-ever ports deal, the people said. 

Representatives for GIP and MMC Port didn’t respond to requests for comment. 

Malaysia’s The Edge previously reported unidentified sources saying that GIP had been considering buying a stake in MMC Port. 

While GIP has put plans on hold, other bidders for a stake could emerge, the people said. 

Founded in 2006, GIP manages $112 billion in assets ranging from energy and transportation to water and waste, its website shows. BlackRock Inc. agreed in January to buy GIP for about $12.5 billion in a deal expected to close in the third quarter.

MMC Port, part of conglomerate MMC Corp., operates seven ports in Malaysia, including in Johor and Penang, according to the company’s website. It also has cruise ship terminals. 

--With assistance from Ram Anand.

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