DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World says it has reached a deal to buy the government-linked operator of free trade zones in the emirate for $2.6 billion and will also pull its stock listing from the London Stock Exchange. DP World said the deal announced Thursday to acquire Economic Zones […]
DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World says it has reached a deal to buy the government-linked operator of free trade zones in the emirate for $2.6 billion and will also pull its stock listing from the London Stock Exchange.
DP World said the deal announced Thursday to acquire Economic Zones World would help streamline operations at Dubai’s vast Jebel Ali port and free zone complex and boost its earnings by 15 percent.
DP World is itself partially backed by Dubai’s government and is one of the world’s largest port operators. The deal includes absorbing $859 million of EZW’s debt.
DP World separately says it is aiming to pull its London stock listing. It will keep its listing on the Nasdaq Dubai, where most trading of its shares happens.
