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DP World sells P&O’s US operations to AIG

DP World sells P&O’s US operations to AIG

POPNA’s operations principally comprise marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans. These are coupled with stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger terminal in New York City.

“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,” said Sultan Ahmed Bin Sulayem, DP World chairman

According to Christopher Lee, AIG Global Investment Group managing director, “AIG Global Investment Group is a leader in acquiring strategic, regulated infrastructure businesses and assets. We have identified the marine terminals sector as a key element in our infrastructure investment strategy, and we believe that POPNA is one of the leading operators in this sector in the United States.

“An integral component of the 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.”