Dubai-based global marine terminal operator DP World has completed the acquisition of an additional 66.67 per cent stake in Empresa Brasileira de Terminais Portuários (Embraport) in Brazil from Odebrecht Transport (OTP).

This transaction increases DP World’s shareholding to 100 per cent and the terminal will be rebranded to DP World Santos, said a statement from the company.

The purchase consideration is below 5 per cent of DP World’s net asset value as of H1 2017 and on a pro-forma basis DP World’s net leverage would be 2.8x net debt to EBITDA with this transaction compared to the reported 2.6x, it said.

DP World Santos is the largest Brazilian private multi-modal port terminal and operates in the Port of Santos, which is the busiest container port in Latin America handling 3.4 million TEU in 2016 and has strategic access to sea, road and rail, and 90 per cent of the cargo is destined for Brazil’s most populous city, São Paulo.

DP World Santos has an annual capacity of 1.2 million TEU (twenty-foot equivalent units) and the first phase of the project has created 653 m of wharf, 207,000-sq-m of terminal area.

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer, DP World, said: “We are delighted to fully consolidate our stake in DP World Santos and to underline our commitment to the Port of Santos and the future of trade in Brazil.”

“Our company has become a major player in the South American infrastructure sector with a network of container terminals in Peru, Dominican Republic, Argentina, Ecuador and Suriname and we remain committed to our role as a global trade enabler and targeting a broader strategy to grow complementary sectors in the global supply chain,” he added. – TradeArabia News Service