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.
