Dubai port operator DP World has completed the sale of its US operations, drawing the curtain on its controversial investment in the United States, the official WAM news agency reported Saturday.
The state-owned company said it has finalised on Friday a deal to sell its wholly owned subsidiary P & O Ports North American (POPNA) to AIG Global Investment Group. It did not disclose the price. An Internet statement said the sale "fulfills the commitment made by DP World last year to sell its US assets to an American buyer."
DP World had acquired its US operations early last year through its 6.9 billion dollars acquisition of P & O - a deal making it one of the world's largest port operators. But following fierce congressional opposition to the US part of the deal on security grounds, and despite the backing of President Geroge W. Bush, the Dubai government decided in March to relinquish DP World's operations at six US ports.
DP World announced in December it had reached a deal to sell its US port operations to a subsidiary of AIG. The deal was reportedly delayed as US port authorities slapped an 84-million-dollar transaction fee on it, which DP World said in February it would not pay. DP World did not refer to any settlement that may have been reached over the transaction fee.
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