DP World is set to own 50% stake in Terminales Portuários Euroandinos after the company has agreed to buy the terminal’s shareholder Cosmos Agencia Maritima (CAM) for $315.72m.
It is Peru’s second largest container facility. The terminal is situated in the Port of Paita in Peru. It is designed to handle an average of more than 30 gross crane moves per hour.
The latest acquisition also comprises certain real estate assets used for business operations from Andino Investment Holding and inversions Santa Orietta. The deal is subject to regulatory approvals.
DP World group chairman and CEO Ahmed Bin Sulayem said: “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.
“The addition of CAM will allow us to offer improved solutions to our customers and the option of alternative container capacity.
“Overall, we expect this acquisition to further diversify our revenue, improve the quality of our earnings, and drive returns.”
The acquisition is expected to help DP World to support its recent strategy of extending core business into industry sectors.
In a separate development, Hindustan Infralog Private (HIPL) has acquired a 90% stake in multimodal logistics company Continental Warehousing.
HIPL is a joint venture between DP World and India’s National Investment and Infrastructure Fund.
The acquisition marks the first investment made by HIPL as part of its plan to invest up to $3bn in ports, logistics, and related sectors.