DP World raises stake in Brazil’s Embraport terminal to 100%

Dubai-based ports operator DP World on Monday said it has completed the acquisition of an additional 66.67 percent stake in Empresa Brasileira de Terminais Portuarios (Embraport) from Odebrecht Transport (OTP).

The Nasdaq Dubai-listed firm now holds 100 percent of Embraport, which is Brazil's largest private multi-modal port terminal.

The terminal will be rebranded DP World Santos and has an annual capacity of 1.2 million TEUs (twenty-foot equivalent units), DP World said in a statement.

It will operate out of Port of Santos that is the busiest container port in Latin America handling 3.4 million twenty-foot equivalent units (TEU) in 2016, it added.

“The purchase consideration is below 5 percent of DP World’s net asset value as of H1 2017 and on a pro-forma basis DP World’s net leverage would be 2.8 times net debt-to-EBITDA with this transaction compared to the reported 2.6 times,” the statement said.