Dubai’s DP World to acquire two maritime firms for $405 mln

Dubai-based ports operator DP World Limited on Monday said that it has entered into agreements to acquire two government-owned maritime firms for $405 million.

DP World Limited will acquire Maritime World LLC, the 100 percent owner of Dubai Maritime City (DMC), for a purchase consideration of $180 million. The Nasdaq Dubai-listed firm will also buy 100 percent of Drydocks World LLC by means of a capital injection of $225 million.

“Drydocks’ acquisition will integrate well into P&O Maritime (POM), which is DP World’s 100 percent-owned maritime services subsidiary,” DP World said in a statement.

The acquisitions are expected to be earnings accretive from the first full year of consolidation, the statement added.

The acquisitions are subject to conditions and the acquisition of Drydocks World is subject to the successful completion of its debt restructuring process, it said.

Both transactions are expected to close before the end of the first quarter next year.