DP World completes Cosmos Agencia Maritima acquisition
Global trade enabler DP World, today announced the successful closing of the acquisition of Cosmos Agencia Marítima S.A.C. (CAM) in Peru.
On 18 March, DP World and Andino Investment Holding announced an agreement for DP World to acquire 100% of the shares of CAM, a leading fully integrated logistics provider in Peru, for $315.7mn. This also includes 100% of the shares in Triton Transports and Neptunia, and 50% in Terminales Portuarios Euroandinos S.A., in the Port of Paita, which is the second largest container terminal in Peru.
This transaction expands DP Worlds footprint in Peru by adding another container terminal to the existing terminal at Callao as well as integrated logistics services including warehousing, distribution and cargo handling to provide tailor made solutions to a range of industrial sectors in the country. Further, it also complements the first smart logistics centre in Lurin which is connected through optical fibres to Callao and delivers information to the port and customs enabling customers to manage the movement of their cargo using their own electronic devices and smartphones.
DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, said: We are delighted to add Cosmos Agencia Marítima to our Americas region interests. 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. 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.
Gerard van den Heuvel, CEO of DP World Peru, said: The acquisition diversifies the revenue of our business through a wider range of logistics services. We already operate the largest container facility in the country in Callao which has rapidly become a leader for trade along the west coast of South America and this will enhance our services even further.