DP World lays down $502m to buy Chilean port operator

DP World lays down $502m to buy Chilean port operator

Dubai terminal operator DP World is buying a Chilean port operator, further bolstering its global footprint. DP World is acquiring a 71.3% stake of Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group. Pulogosa has two ports in Chile, including the nation’s largest private port in Concepcion to the south of the capital, Sanitago. It also has a sizeable logistics operation stretching across much of the South American nation, the world’s longest country.

The agreement is dependent on a tender to acquire all outstanding shares of Santiago stock exchange listed Pulogsa.

DP World said on Sunday it would offer $502m for 100% equity ownership.

DP World said it expects to close the transaction in the first half of the year. Financing for the deal would come from existing balance resources.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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