Dubai’s DP World, one of the world’s biggest shipping container terminal operators, is to raise $1.5bn by selling a 75 per cent stake in its Australian operations in its latest effort to shift focus towards emerging markets.
Citi Infrastructure Investors, part of the US’s Citigroup and one of DP World’s largest investors, will pay A$1.5bn (US$1.5bn) for the stake, DP World announced on Wednesday. The Dubai-based company, which manages terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle, will continue to do so after the stake sale.
The operator said it would use the proceeds to pay down some of its $5.9bn net debt. Yuvraj Narayan, DP World’s chief financial officer, said the company would book a $300m profit on the transaction. DP World acquired most of the Australian operations during its £3.92bn takeover of the UK’s P&O in 2006, while it acquired the Adelaide and Brisbane operations through its $1.15bn 2005 takeover of US-based CSX World Terminals.
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