DP World has agreed to acquire a majority stake in Chile’s Puertos y Logística S.A
DP World has stuck a deal to purchase the 71.3% stake that the Matte Group holds in Puertos y Logística and launch a Public Offer of Acquisition of Shares (OPA ) valued at US $502 for all of the company. This amounts to approximately US $2.18 per share.
Puertos y Logística SA (also known as Pulogsa) is the parent company of Puerto Central in San Antonio, and Puerto Lirquén, in the bay of Concepción, Biobío Region, two of the main multipurpose terminals in Chile. The other major shareholder in Puertos y Logística is the Angelini Group (through its subsidiaries Celulosa Arauco and Copec) with a 23% stake. Angelini announced it wanted to sell its stake in Puertos y Logística back in 2017.
In a statement Tiemen Meester, CEO and Managing Director of DP World’s Americas, said "Puerto Central and Puerto Lirquén are the best multipurpose terminals in the central zone and the Biobío de Chile, thanks to a solid executive team and excellent workers who have led a recent investment plan in infrastructure, technology and training for more than US $ 450 million.
“We want to accelerate business growth through new investments in the company and its people, we will work with local teams to offer international professional opportunities and transfer knowledge, in addition to expanding the activity of the terminals and continue incorporating the best practices of the world industry, thus enhancing the economy of Chile, which is the most developed and dynamic in Latin America “.
Martín Costabal, president of Minera Valparaíso (Grupo Matte), said that "the port industry today requires strategic partners that are global operators." Puerto Central is the largest port investment in the history of Chile and has consolidated its position as a leader in passenger transport (cruises) and vehicles (car carriers), in addition to growing strong in containers, bulk and general cargo ". He explained that "we chose the DP World proposal, which implies giving up control of Pulogsa, as it is a world-class operator, which will be a great support for Chile’s international trade and for the development of our ports and communities".
Costabal added that "Minera Valparaíso has developed and operated port terminals since 1950, a sector in which we have invested heavily and created a lot of value. Today, Puerto Central and Puerto Lirquén are world-class assets, with state-of-the-art technology, leadership and a human team of excellence that is growing, DP World will allow us to strengthen these achievements and benefit the development of Chile’s international trade ".