DP World Buys Peruvian Logistics Firm
Dubai-based port and terminal operator DP World has acquired Cosmos Agencia Maritima (CAM), a logistics company from Peru.
As informed, CAM has been bought for USD 315.72 million.
CAM owns a fully integrated logistics service business, Neptunia and Triton Transport. The logistics division offers services in activities related to foreign trade, product storage and distribution, as well as freight services that facilitate development and implementation of industry-specific projects, according to DP World.
In addition to the maritime and logistics services offered by Cosmos Group, it also has a 50% stake in Terminales Portuários Euroandinos, in the Port of Paita (Peru), which is the second largest container terminal in the country.
Commenting on the acquistition, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: “This acquisition supports our recent strategy of extending our core business into complementary sectors.”
“The acquisition not only extends our footprint in Latin America, a region which we believe has significant growth potential but importantly adds to our existing presence Peru, where we already operate a container terminal in the port in Callao,” Bin Sulayem further said, adding that the recent move will allow the company to offer the option of alternative container capacity.
In a separate announcement, DP World also informed that Hindustan Infralog Private Limited (HIPL) acquired a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. It is the first investment of HIPL, the recently created investment vehicle between DP World and the National Investment and Infrastructure Fund (NIIF) to invest up to USD 3 billion in ports, logistics and related sectors.