DP World buys stakes in Peru’s No. 2 container terminal, India logistics firm

DUBAI (Reuters): DP World DPW.DI, one of the world’s largest port operators, said on Sunday it had bought a logistics firm in Peru for $315.7 million, giving it a 50% stake in the country’s second largest container terminal.

The acquisition of Cosmos Agencia Maritima, which also offers maritime services, gives it half-ownership of Euroandinos Port Terminals which operates the port of Paita.

Dubai-owned DP World operates several ports in South America, including a container terminal in Peru’s Port Callao.

DP World also said in a separate announcement that its joint venture with India’s National Infrastructure Investment Fund had bought a 90% stake in Mumbai-based logistics firm Continental Warehouse Corp. The acquisition was the first made by the joint venture which has said it plans to invest up to $3 billion in ports, logistics and related sectors.Terms of the deal were not disclosed. The purchase consideration is less than 5% of DP World’s net asset value as of December 31, 2017, it said.Last week, DP World reported 14.9% rise in 2017 profit to $1.18 billion.