International port operator DP World reached a deal today with one of Canada's biggest pension-fund managers to pour an additional US$4.5 billion into their joint venture of ports and terminals.
The new capital signals a major push to expand and brings the total amount invested by one of the world's largest port operators and Canadian infrastructure investor Caisse de Depot et Placement du Quebec to US$8.2 billion.
It also comes as DP World, grappling with an economic downturn worsened by the coronavirus pandemic, delists itself from trading to become a fully private, government-owned firm.
DP World and CDPQ agreed in 2016 to invest in 10 port terminals across the world. DP World said the new agreement would ``broaden its footprint'' in areas where it already operates and allow it to shop for ports and terminals in Europe and Asia Pacific. DP World has a 55 percent share in the fund, with CDPQ holding the remaining 45 percent.
DP World runs operations as far east as Brisbane, Australia, and as far west as Prince Rupert, Canada. The company has expanded aggressively into East Africa, helping the Emirati government wield influence farther afield.-AP
