UAE-based port operator DP World Ltd., owned by rival Port & Free Zone World FZE, plans to buy Chile commercial port services company Puertos y Logistica in a $502 million takeover deal.
Under the pact, DP World will pay for a 71.3 percent of Pulogsa, via a tender offer, from Chilean electric energy to pulp and paper holding company Minera Valparaiso and shareholders associated with the Matte Group.
DP World said that the new assets will allow it to serve cargo owners and shipping lines at five key gateways on the west coast of South America in Posorja, Ecuador, Callao and Paita, Peru and San Antonio and Lirquen, Chile.
Puertos y Logistica has a market value of about $170 million.