DP World has entered into an agreement to acquire 71.3 per cent stake in Puertos y Logistica S.A., (Pulogsa) and will offer US$502 million to acquire all outstanding shares of the business in consideration for 100% equity ownership.
Pulogsa operates a long-term concession for Puerto Central in Chile’s Central Region V, San Antonio and owns and operates Puerto Lirquen in Chile’s Southern Region VIII. The transaction expected to close in the first half of 2019.
“We are delighted to extend our global footprint with a major entry into Chile, Latin America’s most developed economy, with attractive growth prospects and a dynamic business environment. 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),” said DP World group chairman and CEO Sultan Ahmed Bin Sulayem