DP World has acquired Cosmos Agencia Maritima S.A.C. (CAM) for US $315.7 million.
Based in Peru, CAM owns a fully integrated logistics service business (Neptunia S.A and Triton Transport S.A) that offers end-to-end solutions to its customers.
The logistics division offers an integrated platform of solutions in activities related to foreign trade, product storage and distribution, as well as freight services that facilitate development and implementation of industry specific projects.
In addition to the maritime and logistics services offered by Cosmos Group, it also has a 50% stake in Terminales Portuários Euroandinos S.A., in the Port of Paita (Peru), which is the second largest container terminal in the country.
Through the acquisition, DP World has established a stronger foothold in the country, which is part of a region in which DP World and other UAE companies have expanded their interests in recent years.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: “We are delighted to add Cosmos Agencia Maritima into the DP World portfolio and this acquisition supports our recent strategy of extending our core business into complementary sectors.”
“The acquisition not only extends our footprint in Latin America, a region which we believe has significant growth potential but importantly adds to our existing presence Peru, where we already operate a container terminal in the port in Callao,” he added.
“This is a terminal that is one of the most efficient and productive in the region and has been consistently ranked as the best port in South America by its customers. The addition of CAM will allow us to offer improved solutions to our customers and the option of alternative container capacity,” said Sulayem.
“Overall, we expect this acquisition to further diversify our revenue, improve the quality of our earnings and drive returns,” he added.