Dubai: DP World, the Dubai-based ports operator, announced on Monday it has closed the acquisition of Cosmos Agencia Maritima in Peru, a deal it signed in March for $315.7 million (Dh1.16 billion).
The deal gives DP World a 50 per cent stake in Peru’s second-largest container terminal and includes the acquisition of a 50 per cent stake in Terminales Portuarios Euroandinos, which operates in the key Port of Paita.
The deal also includes the acquisition of 100 per cent of the shares in Triton Transports and Neptunia.
The transaction expands DP World’s footprint in Peru by adding another container terminal to the existing terminal at Callao, as well as logistics services including warehousing, distribution, and cargo handling.
Sultan Ahmad Bin Sulayem, DP World Group chairman and chief executive officer, said the acquisition underlines the company’s confidence in Peru and the potential of the country’s economy.
“Latin America is a very important market for us and this move adds value for our customers in the region with logistics services to our existing container terminal in Callao and inland container terminal in Lurin,” he said in a statement.
DP World had earlier said it is eyeing Latin America as well as Africa and the Far East for expansion as it sees opportunities there.
DP World’s share prices rose 2.96 per cent to $23.99 on the Nasdaq Dubai on Monday.
