CII buys DP World’s Australian unit

22 Dec 2010

(MENAFN) Yuvraj Narayan, Chief Financial Officer at Dubai-based ports operator, DP World, has signed a $1.5 billion deal with private equity firm Citi Infrastructure Investors to sell its Australian operations, in order to reduce its debts, Reuters reported.

According to Narayan, the ports operator, which was excluded from parent company Dubai World’s massive debt restructuring, had $8.04 billion in outstanding debt at the end of June 2010.

The mentioned deal is expected to be completed towards the end of the first quarter of 2011, revealed Narayan.

It is worth noting that media reports earlier this year said DP World was considering an initial public offering for the Australian assets.

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