DP World to Buy Dubai’s Economic Zones for $2.6 Billion - Bloomberg

DP World to Buy Dubai’s Economic Zones for $2.6 Billion - Bloomberg:



"DP World Ltd. (DPW), which operates ports from China to Peru, agreed to buy Dubai’s industrial parks operator Economic Zones World FZE for $2.6 billion. The company also plans to delist its shares from the London Stock Exchange.



The purchase, which includes the acquisition of the Jebel Ali Free Zone logistics park, is expected to be completed in the second quarter, Dubai-based DP World said in an e-mailed statement today. The agreement includes the assumption of net debt of $859 million, and is at about 10 times EZW’s earnings before interest, tax depreciation and amortization for 2013, it said.



Dubai’s economy may expand 5 percent in 2014, the fastest pace since 2007, according to International Monetary Fund estimates, helped by a boom in its trade, tourism and real-estate industries. Container throughput at DP World’s more than 65 terminals globally jumped 10 percent in the nine months through September."



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