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Global port operator DP World said on Sunday that it would acquire 71.3 per cent stake in Chile's Puertos y Logistica (Pulogsa), a port services firm.
The Dubai-based firm, which deepened its engagement with revolutionary new technologies, diversified its global business portfolio through investments and acquisitions worth $3 billion worth $3 billion in 2018, said it had entered into an agreement with Minera Valparaiso and other shareholders associated with Matte Group.
In an announcement, DP World said under the tender process it would offer $502 million in consideration for 100 per cent equity ownership. As of September 30, 2018, Pulogsa had net financial debt of $226 million.
The Chilean port operator has a long-term concession for Puerto Central in San Antonio and owns and operates Puerto Lirquen in Chile's southern region.
Pulogsa is listed on the Santiago stock exchange, and the acquisition will be effected via a tender offer to acquire all outstanding shares of the business, DP World said in a statement. Scotiabank is acting as exclusive financial advisor.
DP World group chairman and CEO Sultan Ahmed bin Sulayem said the ports operator was extending its global footprint with a major entry into Chile, Latin America's most developed economy.
"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]. PCE and PLQ are both 'best in class' terminals in their respective markets, with long-term operating rights, strong cargo diversification and significant capability for expansion. The overall value proposition for these terminals is compelling and the addition of capacity to our portfolio will help drive long-term value to all our stakeholders," he added.
The company said the acquisition, which is to close in the first half of 2019, is expected to be earnings accretive in the first full year of consolidation and it will be financed from existing balance sheet resources.
- issacjohn@khaleejtimes.com
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