Dubai-based ports operator DP World has become the full owner of Brazil’s Empresa Brasileira de Terminais Portuários (Embraport) following the acquisition of an additional 66.7 per cent stake from local Odebrecht Transport (OTP).
According to DP World, the purchase consideration is below 5 per cent of its net asset value of $10.8bn as of the first half of 2017. This means the value of the transaction does not exceed $540m.
The terminal will be rebranded to DP World Santos, the company said in a statement.
MEED understands the terminal has an annual capacity of 1.2 million twenty-foot equivalent units (TEUs). It has 653 metres of wharf and 207,000 square metres of terminal area.
The terminal is located in the Port of Santos in southern Brazil. DP World said 90 per cent of the cargo that the port handles is destined for Sao Paolo, Brazil’s most populous city.
The Maritime World transaction is valued at $180m while the Drydocks deal will require a capital injection of $225m
SCZone owns 51 per cent of the joint venture, with the rest owned by DP World, which will also manage the zone.
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