Dubai – Mubasher: DP World on Sunday announced that it has acquired almost 71.3% stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.
Under the bid, the Dubai-based ports operator will offer $502 million in consideration for 100% equity ownership, state-run news agency Emirates News Agency (WAM) reported.
It is worth noting that Pulogsa operates a long-term concession for Puerto Central (PCE) in San Antonio, in Chile’s Central Region V as well as owning and operating Puerto Lirquen (PLQ) in Chile’s Southern Region VIII.
“These new assets will allow DP World to serve cargo owners and shipping lines at five key gateways on the west coast of South America in Posorja (Ecuador), Callao and Paita (Peru) and San Antonio and Lirquen (Chile),” Sultan Ahmed bin Sulayem, CEO and chairman of DP World, said.
DP World, one of the world’s largest port operators, noted that Pulogsa had a net financial debt of $226 million as of 30 September and that the transaction was expected to close in the first half of 2019.
“The acquisition is expected to be earnings accretive in the first full year of consolidation and it will be financed from existing balance sheet resources,” the statement said.
