DP World acquires majority stake in Spanish port

DP World acquires majority stake in Spanish port Dubai Ports World has acquired a 60 percent stake in a container terminal in the Port of Tarragona in Spain.
   It would be the first terminal in Spain for the rapidly growing Dubai-based terminal operator. The deal is subject to EU approval.
   “Tarraagona Port, which handles 100 percent origin and destination cargo, is located on the Mediterranean near Barcelona serving the hinterland of northern and central Spain,” DP World said in a statement. “Tarragona has the potential to expand and to attract cargo seeking alternatives to nearby ports.”
   The company also said Tarragona has deep draft and direct rail links to Barcelona and Madrid. The port is envisioned as a Mediterranean gateway for DP World.
   Financial terms of the deal were not disclosed.