DP World Ltd. (DPW.L) said DP World Australia Ltd. has sold all of its 60% shareholding in Adelaide Container Terminal Pty Ltd. to Flinders Ports Adelaide Container Terminal Pty Ltd.
In March 2011, DP World formed a strategic partnership with Citi Infrastructure Investors, or CII, together with one of CII's major investors, to invest in, operate and manage DP World's five marine terminals in Australia. The transaction, which was earnings enhancing from the time of completion, valued DP World Australia at an enterprise value of A$1.82 billion. DP World used the A$1.48 billion proceeds to reduce leverage and for investments in higher margin markets.
For comments and feedback: editorial@rttnews.com