Dubai Ports International, one of the world’s leading port operators, announced the purchase of the CSX World Terminal container port in Punta Caucedo, the most modern container facility in the DR. The Caucedo transshipment hub was inaugurated in April 2002, a joint venture of CSX and local businessmen, head by Manuel Enrique Tavares and Samuel Conde.
Deutsche Bank acted as financial adviser to Dubai Ports International and Citigroup acted as financial adviser to CSX for the sale to Dubai Ports.
Locally, the Listin Diario reports that CSX purchased 35% of the shares of the company to DPI.
CSX of Jacksonville, Florida announced it divested itself of the operation to focus on its North American railroad business, the largest in the eastern US.
In turn, Sultan Ahmed Bin Sulayem, executive chairman, of Dubai Ports, commented that the purchase was a major step in DPI’s global expansion strategy. “The acquisition expands our global network in Europe and the Americas.” The company sees the purchase as providing access to new growth markets, commenting that Latin America, as well as Asia, offer the highest volume growth rates in the port industry.
Mohammed Sharaf, Managing Director, Dubai Ports International, said: “The acquisition of CSX World Terminals will be a strong strategic fit for DPI, bridging our terminal network between East and West.”
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