The acquisition gives DP World a 50 percent stake in the South American country's second largest port, Paita.
DP World has announced the $315.7 million acquisition of a Peru-based logistics firm, giving the ports operator a large stake in Peru’s second largest container terminal.
The acquisition of Peru’s Cosmos Agencia Maritima S.A.C. (CAM) – which also operates freight services – gives DP World a 50 percent stake in Terminales Portuarios Euroandinos S.A., in the Peruvian port of Paita.
“We are delighted to add Cosmos Agencia Maritima into the DP World portfolio and this acquisition supports our recent strategy of extending our core business into complementary sectors,” said DP World group chairman and CEO for Sultan Ahmed bin Sulayem.
"The acquisition not only extends our footprint in Latin America, a region which we believe has significant growth potential but importantly adds to our existing presence Peru, where we already operate a container terminal in the port in Callao – a terminal that is one of the most efficient and productive in the region and has been consistently ranked as the best port in South America by its customers,” he added.
Bin Sulayem also said he believes the acquisition will help DP World diversify revenue, improve the quality of its earnings and drive returns.
Las week, DP World has announced strong financial results for the twelve months ending 31 December 2017, largely as a result of its investment in landside logistics operations.
On a reported basis, revenue grew 13.2 percent and 6 percent on a like-for-like basis, delivering profit of $1.2 billion, or 15.1 percent more than the same period in 2016.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.