02 November 2015
EXTENSION OF DP WORLD SOUTHAMPTON UK PORT LICENSE AGREEMENT UNTIL 2047
SOLE OWNERSHIP OF DP WORLD SOUTHAMPTON THROUGH ACQUISTION OF ABP’S 49% STAKE
DP World Limited announces that it has agreed with Associated British Ports (ABP) to extend the license agreement for DP World Southampton for a further 25 years until 2047.
Simultaneously, DP World announces that it has acquired the remaining 49% stake in DP World Southampton from ABP, making DP World the sole owner of the business.
Chairman Sultan Ahmed Bin Sulayem commented: “We are delighted to announce the 25 year extension of the license agreement for DP World Southampton, which is one of the most efficient terminals in the UK and the only deep-sea container terminal on the south coast of England. Also, through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deep-sea container terminal and logistics park at the heart of the UK’s biggest consumer markets, to offer our customers the best possible service, and long term growth, in the UK. A unique and very exciting proposition.”
Ganesh Raj, Senior Vice President and Managing Director of DP World in Europe and Russia said: “This news underlines our commitment to the UK and our ongoing presence in developed markets as an important part of our global network. I look forward to the synergies that the two ports will bring to our operations and the contribution they make to the UK economy, infrastructure and local employment.”
ABP Chief Executive James Cooper said: “This isn’t just good news for the port of Southampton but this is good news for the entire city. The deal provides a solid foundation for the continued growth and development of the UK’s most productive container port.”