Russia’s Global Ports Investments has signed an agreement with DP World to acquire a further 25% stake in Russian container terminal Vostochnaya Stevedoring (VSC) for $230m.
Following the acquisition, Global Ports will increase its existing 75% stake in VSC to 100%.
Transportation Investments Holdings (TIHL) will provide funding for the deal in the form of an unsecured loan.
Commenting on the acquisition, Global Ports chairman Nikita Mishin said: "Taking full ownership of what is already an excellent asset and one that has the potential to quadruple its capacity is a strategically important step for the Group and is in line with our stated intention to pursue further growth in Russia and the CIS."
Based in the port of Vostochny, VSC is the largest container terminal in the Russian Far East and one of the key gateways for the country’s container network.
The acquisition will add to Global Ports’ three container terminals in Russia, two container terminals in Finland and its inland container depot in the vicinity of St. Petersburg.
The sale by DP World is the latest in a series of disposals of less profitable assets in different countries including Belgium, Yemen, the UK and Australia.
In September 2012, APM Terminals agreed to purchase a 37.5% stake in Global Ports from N-Trans for $860m to establish its presence in the Russian cargo market.
Under the deal, APM will acquire half of N-Trans’ 75% stake in Global Ports.
With the acquisition, APM and N-Trans will have an equal stake of 37.5% each in Global Ports, which is valued at $2.3bn, with the remaining 25% being listed in London.