Dubai – Mubasher: DP World on Monday announced the acquisition of a 100% stake in Cosmos Agencia Marítima (CAM) in Peru.
Dubai's state-owned ports operator purchased the logistics firm’s stake for $315.7 million, according to DP World’s recent statement.
“Latin America is a very important market for us and this move adds value for our customers in the region with logistics services to our existing container terminal in Callao and inland container terminal in Lurin,” Sultan Ahmed bin Sulayem, DP World Group's chairman and CEO, said.
The takeover involves buying 100% of the shares in Triton Transports and Neptunia, in addition to a 50% stake in Terminales Portuarios Euroandinos S.A., in the Port of Paita, which is considered the second largest container terminal in Peru, the statement showed.
The step comes along with the world's fourth-biggest ports operator’s plans to expand in Latin America.
“The acquisition diversifies the revenue of our business through a wider range of logistics services. We already operate the largest container facility in the country in Callao which has rapidly become a leader for trade along the west coast of South America and this will enhance our services even further.” Gerard van den Heuvel, CEO of DP World Peru, noted.
