DUBAI (Reuters) – State-owned Dubai Ports World said on Thursday it plans to sell stakes in two of its Australian units to a consortium led by private equity firm Kaplan Equity Ltd. for about A$200 million ($159.6 million).
P&O Automotive and General Stevedoring (A&GS), and P&O Trans Australia (POTA) would become joint venture companies under the deal, DP World said in a statement.
“Management of DP World and the consortium are working together to finalize all outstanding matters to enable the transaction to be completed, which is targeted for the end of the first quarter of 2007,” the company said.
DP World, the world’s third-largest container port-operator, said it will retain a 25-percent stake in A&GS and 50 percent in POTA.
“The alliance will enable DP World to focus on the continued development of its core container terminals business in Australia,” DP World said.
DP World acquired the holdings in the Australian firms as part of the acquisition of Britain’s Peninsular & Oriental Steam Navigation Co. in February.