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FINANCIAL NEWS
Citi Infrastructure Investors buys 76% of DP World
22 Dec 2010
(MENAFN) DP World chief financial officer Yuvraj Narayan said that DP World agreed to sell 75 percent of its Australian operating arm for $1.5 billion to Citi Infrastructure Investors, reported Khaleej Times.
Narayan added that this transaction took place after DP World Australia was evaluated at $1.8 billion. The deal would serve the company’s strategic goal to remain its operations in Australia along with reducing leverage and focusing on higher margin markets as well as reducing net debts.
He added that the deal is expected to be finalized by the end of this year. And by the terms of the deal, DP World will continue to manage services at the five terminals in Australia.
It is worth noting that DP World is ranked as the third port operator in the world. In 2009, equity adjusted earnings before interest, tax, depreciation and amortization at the outfit amounted to $96m.
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