Dubai’s DP World has agreed to sell its remaining stake in
P&O Trans Australia (POTA) to its partner in the firm, Qube Logistics, in a
deal valued at AS106m.
The deal will leave Qube with a 94.6 percent stake in the
container services firm, the company said in a statement Monday.
The transaction, which includes the purchase of DP World’s
shares and related loans, is expected to be completed by the end of April, Qube
“The acquisition is expected to be earnings accretive for
Qube in the first year,” said Sam Kaplan, managing director of Kaplan Funds
Management, which manages the firm.
The deal marks DP World’s second sale in Australia within
the last six months. The world’s third largest port operator agreed in December
to sell 75 percent of its Australian operations to Citi Infrastructure
Investors for $1.5bn, in a bid to reduce net debt.
DP World is a unit of debt-hit Dubai World. The state-backed
conglomerate, which counts Nakheel and Drydocks World among its units, signed a
final agreement in March with its 80 creditors to restructure almost $25bn in
Dubai is estimated to have liabilities of around $115bn, or
144 percent of GDP.
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