Deals
Dubai’s DP World Sells Australia Unit for $1.5 Billion
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DP World Ltd., the Dubai-controlled ports operator, raised A$1.5 billion ($1.5 billion) selling a stake in its Australian unit as part of a plan to reduce debt and focus on more profitable markets.
Citi Infrastructure Investors, a unit of Citigroup Inc., and a partner agreed to buy 75 percent of the business, which operates terminals at five Australian ports, DP World said in a e-mailed statement today. DP World, which will continue to invest in and manage the terminals, expects regulatory approval for the transaction by the end of the first quarter.