Port operator DP World has completed the acquisition of a 51% share in TIS Container Terminal in the Port of Yuzhny in Ukraine.
The financial details of the deal have not been disclosed. The deal was finalised after meeting certain conditions and receiving the receipt of regulatory approval.
The deal marks the second partnership of DP World with TIS shareholders. The company has partnered with P&O Maritime Ukraine that offers harbour towage services in Ukraine’s Black Sea ports.
The deal was first announced in February.
The deal is expected to boost the TIS Container Terminal’s position as a leading terminal in the country and expand the operations of DP World.
DP World aims to connect with customers to provide logistics solutions and eliminate inefficiencies to boost trade.
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The company will also be able to offer a Black Sea product by connecting its Constanta and Yarimca terminals with TIS Container Terminal via its Unifeeder network.
As part of the deal, the company will control terminal operations. It will now be a major player in the region and aims to increase the catchment of the terminal, using the rail connectivity.
DP World CEO and group chairman Sultan Ahmed Bin Sulayem said: “Today ushers in a new and promising era, as we expand our global portfolio in Ukraine. We are excited about this important milestone and this acquisition supports our long-lasting commitment to enabling global trade.
“This acquisition establishes DP World in a highly attractive market, we look forwar to contributing our experience, expertise and resources to the continued development and growth of the TIS container terminal. In so doing, we will look to build on and expand the commercial success that TIS Container terminal has achieved”.