DP World has acquired Peruvian logistics provider Cosmos Agencia Maritima (CAM) for USD315.7 million.
According to DP World, CAM offers end-to-end solutions to its customers and, in addition to the maritime and logistics services offered by the company, it also has a 50 percent stake in Terminales Portuários Euroandinos, which operates in the port of Paita.
"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," said Sultan Ahmed Bin Sulayem, group chairman and ceo, DP World.
Among its maritime agency, stevedoring and towing services, CAM says it handles all types of cargo, including containers, machinery, bulk cargo, as well as project and oversized cargo, using specialised machinery and equipment.
"Overall," adds Bin Sulayem, "we expect this acquisition to further diversify our revenue, improve the quality of our earnings and drive returns."
The acquisition is in line with DP World's strategy to expand its core services into complimentary sectors.