Dubai’s DP World completes acquisition of Peru logistics firm

Dubai ports operator DP World has closed its $315.7m acquisition of a 50 per cent stake in Peruvian container terminal and logistics firm Cosmos Agencia Marítima S.A.C. (CAM).

The acquisition was announced in March along with a $3bn joint venture with India’s National Investment and Infrastructure Fund.

Read: Dubai’s DP World acquires stakes in India, Peru logistics firms

Cosmos fully owns logistics service businesses Neptunia and Triton Transport and a 50 per cent stake in Peru’s second largest container terminal Terminales Portuários Euroandinos.

DP World has become the 100 per cent owner of CAM and will add another container terminal and warehousing, distribution and cargo handling services to its operations in Peru, which include a terminal at Callao.

“Latin America is a very important market for us and this move adds value for our customers in the region with logistics services to our existing container terminal in Callao and inland container terminal in Lurin,” said DP World group chairman and CEO Sultan Ahmed bin Sulayem.

“The acquisition underlines the confidence we have in Peru and the potential of its economy. As leaders of global trade, we believe the logistic sector in the country has great potential.”

The company also fully took over Empresa Brasileira de Terminais Portuários, Brazil’s largest private multi-modal port terminal, in December after increasing its stake.

Read: Dubai’s DP World raises stake in Brazilian port to 100%