DP World has closed the acquisition of an additional 66.67% interest in Empresa Brasileira de Terminais Portuários (Embraport) situated in the Port of Santos, Brazil, from Odebrecht Transport (OTP).
The purchase consideration of the deal is less than 5% of DP World’s net asset value as of the first half of this year.
Following the acquisition, DP World is now the sole owner of the Embraport terminal, which will be renamed as DP World Santos.
The multi-modal port terminal is capable of handling 1.2 million 20ft equivalent units (TEU) of cargos annually.
The first phase of the Embraport project has already included 653m of wharf and 207,000m² of terminal area at the Port of Santos, which handled 3.4m TEU of cargos last year.
DP World group chairman and CEO Sultan Ahmed Bin Sulayem said: “DP World has become a major player in the South American infrastructure sector with a network of container terminals in Peru, Dominican Republic, Argentina, Ecuador and Suriname, and we remain committed to our role as a global trade enabler and targeting a broader strategy to grow complementary sectors in the global supply chain.”
In September this year, DP World began construction of a greenfield multi-purpose port at Posorja, Ecuador.
The construction is a result of a 50-year concession secured by DP World last year from the Government of Ecuador to build a 750,000 TEU facility in the country.
In the first phase of the project, DP World seeks to spend $500m to buy land, dredge a new access channel, as well as build a 20km access road and a 400m berth to handle containers and other cargo.