Emirati ports logistics company DP World said it agreed on 17 March to pay USD 315.7m to Andino Investment Holdings (AIH) to acquire a stake in several port services and logistics companies as well as 50% ownership in a port terminal.
Regulatory approvals permitting, DP World will acquire 100% of AIH’s ownership in port services and logistics company Cosmos Agencia Marítima and its indirect investments in logistics companies Tritón Transports, Neptunia as well as the Cosmos’ 50% stake in Terminales Portuarios Euroandinos, the SPV behind the Port of Paita in northwestern Peru.
“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 in Peru, where we already operate a container terminal in the port in Callao,” Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said in a 18 March statement.
DP World has owned the 30-year USD 579m Southern Dock project at the Port of Callao since 2006.
Turkish company Yildirim Holding owns the other 50% of the Port of Paita after it acquired Portuguese company Mota Engil’s port holdings through its subsidiary Tertir in February 2016.
AIH and Tertir originally won the contract to develop the Port of Paita in March 2009 and financed the 30-year USD 293m project with USD 110m in private placement bonds from Goldman Sachs and Scotiabank.
The port has the second largest port capacity in Peru after the Port of Callao, north of Lima.