DP World completes acquisition of Peruvian logistics firm for $315 mn
May 28, 2018: Dubai-based port operator DP World has completed the acquisition of Cosmos Agencia Marítima SAC (CAM), a leading fully integrated logistics provider in Peru, for $315.7 million.
On March 18, DP World and Andino Investment Holding announced an agreement for DP World to acquire 100 percent of the shares of CAM. This also includes 100 percent of the shares in Triton Transports and Neptunia, and 50 percent in Terminales Portuarios Euroandinos SA, in the Port of Paita, which is the second largest container terminal in Peru.
This move expands DP World’s footprint in Peru by adding another container terminal to the existing terminal at Callao as well as integrated logistics services including warehousing, distribution and cargo handling to provide tailor made solutions to a range of industrial sectors in the country. Further, it also complements the first smart logistics centre in Lurin which is connected through optical fibres to Callao and delivers information to the port and customs enabling customers to manage the movement of their cargo using their own electronic devices and smartphones.
Sultan Ahmed Bin Sulayem, Group chairman and CEO, DP World said: “Latin America is a very important market for us and this move adds value for our customers in the region with logistics services to our existing container terminal in Callao and inland container terminal in Lurin.”
Gerard van den Heuvel, CEO of DP World Peru said: “We already operate the largest container facility in the country in Callao which has rapidly become a leader for trade along the west coast of South America and this will enhance our services even further.”