DP World has acquired Associated British Ports’ (ABP) 49% stake in Southampton container terminal in the UK for an undisclosed sum, making the Dubai-listed operator the sole owner of the terminal.
DP World has also extended its license agreement for DP World Southampton for another 25 years until 2047.
“Through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deep-sea container terminal and logistics park at the heart of the UK’s biggest consumer markets, to offer our customers the best possible service and long-term growth in the UK. A unique and very exciting proposition.” said DP World’s chairman Sultan Ahmed Bin Sulayem in a statement.
ABP chief executive James Cooper added: “This isn’t just good news for the port of Southampton but this is good news for the entire city. The deal provides a solid foundation for the continued growth and development of the UK’s most productive container port.”