DP World acquires stake in Spanish firm

FOREIGN EXPANSION: DP World has acquired a majority stake in Contarsa Sociedad de Estiba, giving the company its first operations in the country. (Getty Images)

Dubai ports operator DP World has agreed to purchase a majority stake in Spanish firm Contarsa Sociedad de Estiba, which runs Tarragona Container Port Terminal near Barcelona.

The purchase will give DP World, part of state-owned conglomerate Dubai World, its first operation in the country, newswire Bloomberg reported on Tuesday, citing a statement from the company.

The financial details of the transaction, which still requires approval by the European Union, was not disclosed.

DP World, the world's fourth- biggest port operator, has been on a massive global expansion drive over the last couple of years, snapping up port operators and terminal operations from the UK to China.

The company, which is listed on the Dubai International Financial Exchange (DIFX), posted 2007 after-tax profit from continuing operations of $419.7 million, up 52% on the previous year. Revenue grew 32% in 2007 to 2.73 billion.

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