Dubai-based investment company to buy Inchcape for $285 million
Electra Investment Trust has agreed to sell its United Kingdom-based port agency and logistics service company Inchcape Shipping Services (ISS) to Dubai-based investment company Istithmar for $285 million.
Istithmar’s chairman, Sultan Ahmad Bin Sulayem, is also chairman of the Dubai Board of Ports and Free Zones, who are in the process of purchasing the London-based P&O Group for '3.3 billion ($5.8 billion).
The sale of ISS to Istithmar is expected to be completed at the end of this month.
In September, ISS acquired Portland Steamship Agency for an undisclosed amount, boosting the amount of port calls ISS handles every year to approximately 50,000.
Dubai-based investment company to buy Inchcape for $285 million
