March 18, 2007
DP World sells U.S. assets
AIG Global Investment Group says it has completed the purchase of 100 percent of the stock of P&O Ports North America ("POPNA") from P&O Holdings, Inc., a wholly-owned subsidiary of DP World, which is controlled by the government of Dubai.
The sale fulfills the commitment made by DP World last year to sell its U.S. assets to an American buyer.
Following the closing of the transaction, the company will operate as Ports America, Inc.
Ports America, Inc.'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.
AIGGIG Chief Executive Officer, Win Neuger, stated "As a leading investor in infrastructure businesses we are pleased to add the acquisition of Ports America to our managed portfolios which include power generation, water and wastewater and waste management in the US and overseas. We plan to continue the POPNA management team's commitment to operational excellence, superior customer service and workplace safety."