DP World to buy back shares in Australia unit

DP World to acquire Chilean ports operator
PHOTO CREDIT: Emirates247

Global port operator, DP World says it will spend $250 million buying back shares from Corsair Infrastructure Partners’ Gateway Infrastructure Investments and other investors in Australia, which it sold in 2010.

The Dubai based company had sold a 75 percent stake in DP World Australia for $1.5 billion in 2010 and plans to double its stake to 50 percent.

DP World Australia operates port terminals in Sydney, Melbourne, Brisbane and Fremantle.

The company said in a statement on Wednesday that the deal part of which will give it management control will be concluded in the first quarter of the year subject to regulatory approval.

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