Dubia’s DP World said it will acquire a 71.3 percent stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.
It said on Sunday that the deal will be based on a tender to acquire all outstanding shares of Santiago stock exchange listed Pulogsa.
Puertos y Logistica operates a long-term concession for Puerto Central in San Antonio and owns and operates Puerto Lirquen in Chile’s south.
DP World said it would offer $502 million in a tender for 100 percent equity ownership which has a market value of $170.1 million and that the transaction was expected to close in the first half of the year.
The deal will give one of the world’s largest port operator access to five regional ports as it expands its footprint in South America.