Dubai’s  DP World has extended its operating license for DP World Southampton until 2047, following a deal with Associated British Ports (ABP).

The port operator also acquired ABP’s 49 per cent stake in DP World Southampton, making it the sole owner.

Neither company has declared the cost of the acquisition.

“[Southampton] is one of the most efficient terminals in the UK and the only deep-sea container terminal on the south coast of England,” said DP World’s chairman Sultan Ahmed Bin Sulayem in a press release. “Also, through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deepsea container terminal and logistics park at the heart of the UK’s biggest consumer markets, to offer our customers the best possible service and long term growth in the UK.”

Southampton is the UK’s second largest container terminal, handling more than 1.5 million twenty-foot equivalent units a year. It also handles roll on roll off, cruise ships, dry bulk and liquid bulk, mainly crude oil.

DP World’s share price on the Dubai Financial Market dropped 0.5 per cent on 2 November on the news.

It reported a $455m net profit for the first half of 2015, a 22.3 per cent increase on the $332m profits recorded in the first half of 2014. However, it has gross debt of $8.2 billlion, mainly in bonds.

DP World also acquired Dubai’s Jebel Ali freezone and a terminal in Turkey in 2015.