Ports operator DP World has acquired a 100 percent stake in a Peruvian logistics provider for $315.7 million, the company announced on Monday.
The deal to acquire Cosmos Agencia Maritima S.A.C. (CAM) also includes 100 percent of the shares in Triton Transports and Neptunia and 50 percent in Terminales Portuarios Euroandinos S.A. in the port of Paita, the second largest container terminal in Peru.
The transaction expands DP World’s existing presence in Peru by adding another container terminal to the existing one in Pallao, as well as logistics services such as warehousing, distribution and cargo handling.
According to DP World, the move also complements a smart logistics centre located in Lurin, which is connected through optical fibres to Callao and delivers information to the port and customs officials, enabling customers to manage the movement of cargo using electronic devices and smartphones.
“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,” said DP World Group chairman and CEO Sultan Ahmed bin Sulayem. “The acquisition underlines the confidence we have in Peru and the potential of its economy.”
Gerard van den Heuvel, the CEO of DP World Peru, said that the acquisition will diversify the revenue of DP World’s business by expanding the range of logistics services the company can offer.
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