DP World completes terminal sale
AIG Global Investment Group said last week it has completed the purchase of 100 percent of the stock P&O Ports North America from P&O Holdings Inc., a wholly owned subsidiary of global marine terminal operator, Dubai Ports World.
Following the closing of the transaction, the company will operate as Ports America Inc. This transaction was previously announced on Dec. 11.
Ports America Inc.’s operations principally comprise marine terminal concessions in the ports of New York-New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, along with stevedoring operations in 16 locations along the U.S. East and Gulf coasts and a passenger terminal in New York City.
DP World was forced to divest itself of the U.S. holdings acquired in the purchase of P&O Ports, due to an outcry from members of Congress who raised security questions about the Dubai-based company operating U.S. terminals.
Lehman Brothers acted as financial adviser to AIG Global Investment Group and Citigroup Global Markets Inc. led the acquisition financing. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to AIG Global Investment Group.
DP World completes terminal sale
