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Media in Dubai – 13 January 2019 /
Dubai Ports World (DP World) today announced the signing of an agreement to acquire 71.3 per cent of the shares of Poertos y Logistica SA, Bologosa, Minera Valparaiso and other shareholders of the Matte Group.
BOLOGSA is listed on the Santiago Stock Exchange and its net debt as at 30 September 2018 was US $ 226 million.
The acquisition will be carried out through a tender offer for the purchase of all existing shares in the company. Under the tender, DP World will provide US $ 502 million for ownership of 100 per cent of the shares.
The acquisition is expected to generate accumulated profits by the end of the first fiscal year after the merger and will be financed from existing balance sheet resources. The transaction is subject to relevant approvals from third parties and is expected to be completed in the first half of 2019.
Sultan Ahmed Bin Sulayem, CEO and Chairman of DP World said: “We are delighted to expand DP World’s footprint by entering Chile, one of the most developed economies in Latin America with attractive growth opportunities and a dynamic business environment. The acquisition of these new assets will enable DP World to serve cargo owners and freighters at the five major portals on the west coast of South America in Bosorja, Ecuador, Calao, Baita in Peru, San Antonio and Lercine in Chile.
