DP World lays down $502m to buy Chilean port operator

Dubai terminal operator DP World is buying a Chilean port operator, further bolstering its global footprint. DP World is acquiring a 71.3% stake of Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group. Pulogosa has two ports in Chile, including the nation’s largest private port in Concepcion to the south of the capital, Sanitago. It also has a sizeable logistics operation stretching across much of the South American nation, the world’s longest country.

The agreement is dependent on a tender to acquire all outstanding shares of Santiago stock exchange listed Pulogsa.

DP World said on Sunday it would offer $502m for 100% equity ownership.

DP World said it expects to close the transaction in the first half of the year. Financing for the deal would come from existing balance resources.