DP World completes P&O unit sale to AIG

Dubai: Global marine terminal operator DP World has completed the sale of its wholly-owned subsidiary P&O Ports North America to US-based AIG Global Investment Group.

“The sale fulfills the commitment made by DP World last year to sell its US assets to an American buyer,'' the Dubai-based company said.

DP World had acquired container terminal operations at six key US ports under its $6.8-billion purchase of British port group P&O. But it was forced to give up the business under pressure from US politicians, who argued against giving control of American ports to an Arab company on national security grounds.

Under AIG's ownership, the business will be re-named 'Ports America'