DP World Acquires Cosmos Agencia Maritima in Peru
Dubai-based DP World, , one of the world's largest port operators, said it had bought a logistics firm Cosmos Agencia Maritima (CAM) in Peru for $315.7 million, giving it a 50 percent stake in the country's second largest container terminal.
"CAM owns a fully integrated logistics service business (Neptunia S.A and Triton Transport S.A)that offers end-to-end solutions to its customers. The logistics division offers an integrated platform of solutions in activities related to foreign trade, product storage and distribution, as well as freight services that facilitate development and implementation of industry specific projects," said a press release from the company.
In addition to the maritime and logistics services offered by Cosmos Group, it also has a 50% stake in Terminales Portuários Euroandinos S. A., in the Port of Paita (Peru), which is the second largest container terminal in the country.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted to add Cosmos Agencia Maritima into the DP World portfolio and this acquisition supports our recent strategy of extending our core business into complementary sectors."
Bin Sulayem added: “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 (averaging more than 30 gross crane moves per hour) 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,” he concluded.
Acquisition also includes certain real estate assets used for business operations from Andino Investment Holding and inversions Santa Orietta S.A.C. Transaction is subject to regulatory approvals.
