Dubai: DP World announced on Sunday it acquired Peru-based Cosmos Agencia Maritima for $315.7 million (Dh1.1 billion), giving it a 50 per cent stake in the second-largest container terminal in Peru.
The acquisition comes as ports operator DP World seeks to expand its footprint in Latin America, a region it described as having “significant growth potential”.
Cosmos Agencia Maritima owns a logistics service business offering solutions in activities related to foreign trade, product storage and distribution, and freight services. It also has a 50 per cent stake in Terminales Portuarios Euroandinos in Peru’s Port of Paita.
Sultan Bin Sulayem, group chairman and chief executive officer of DP World, said the acquisition will also add to the company’s existing presence in Peru where it already operates a container terminal in the port of Callao.
“We expect this acquisition to further diversify our revenue, improve the quality of our earnings, and drive returns,” he said. “The addition of CAM will allow us to offer improved solutions to our customers and the option of alternative container capacity.”
In a separate statement, DP World said that a joint venture it has with India’s National Investment and Infrastructure Fund (NIIF) acquired a 90 per cent stake in Continental Warehousing Corporation, an Indian logistics firm.
The other 10 per cent stake will be retained by the company’s founders who will remain involved in business operations.