Dubai’s DP World Said to Near Deal for Hong Kong Tycoon John Lau’s Assets - Bloomberg
DP World is nearing a deal to buy Cargo Services Far East Ltd. from Hong Kong tycoon John Lau, people familiar with the matter said, a move that would give the Dubai port operator a bigger footprint in Asia.
The companies are finalizing the details of a transaction that could be announced as early as in the coming days, the people said, asking not to be identified because the matter is private. A potential deal could be valued at $300 million to $400 million, depending on composition of the assets, the people said.
A representative for Cargo Services Far East declined to comment, while a representative for DP World didn’t immediately respond to a request for comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. The Hong Kong-based company has offices in China, the UK, South Africa, the US and Singapore.
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