DP World completes P&O Ports North America sale

DP World completes P&O Ports North America sale

AIG Global Investment Group said last week it has completed the purchase of 100 percent of the stock P&O Ports North America from P&O Holdings Inc., a wholly owned subsidiary of global marine terminal operator, DP World.

   Following the closing of the transaction, the company will operate as Ports America Inc. This transaction was previously announced on Dec. 11.

   Ports America Inc.'s operations include full management of the container terminal at the Port of Tampa and a 50-percent stake in the Port of Miami Terminal Operating Co. (POMTOC). Other operations include marine terminal concessions in the ports of New Orleans, New York-New Jersey, Philadelphia and Baltimore; and stevedoring operations in 16 locations along the East and Gulf coasts and a passenger terminal in New York City.

   Lehman Brothers acted as financial adviser to AIG Global Investment Group and Citigroup Global Markets Inc. led the acquisition financing. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to AIG Global Investment Group.