Global marine terminal operator Dubai Ports World has announced the completion of the sale of its wholly-owned subsidiary P&O Ports North America (POPNA) to AIG Global Investment Group.
The sale of 100% ownership of POPNA fulfills the commitment made by DP World last year to sell its US assets to an American buyer. Under AIG's ownership, the business will be re-named "Ports America".
POPNA’s operations principally comprise marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, coupled with stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger terminal in New York City.
Commenting on the sale last December, Sultan Ahmed Bin Sulayem, the Chairman of DP World, said: “While we are disappointed to be exiting the US market, the price we received was fair. We are pleased that POPNA will have a strong owner in AIG and wish them well for the future.”
DP World acquired UK port operator P&O in March 2006, but has been forced to offload the company's US operations after lawmakers there raised concerns over national security, and threatened to block the takeover unless a US entity was found to operate P&O's North American ports.
"An integral component of this acquisition is our full commitment to the importance of this company to national security, and we are very committed to ensuring that the company continues to be one of the industry leaders in setting standards for port security," Christopher Lee, AIG Global Investment Group Managing Director has stated.
DP World is one of the largest marine terminal operators in the world and has the widest network of any, with 51 terminals spanning 24 countries.
AIGIG, a major global asset management company, manages more than US$635 billion in assets.
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