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Tuesday, October 25, 2016

AIG Global to Purchase P&O's U.S. Marine Terminal Operations

December 11, 2006

On December 10, 2006, a member company of AIG Global Investment Group entered into an agreement in Dubai to purchase P&O Ports North America (POPNA) from P&O Holdings, Inc., a wholly-owned subsidiary of global marine terminal operator, DP World (DPWRF) for an undisclosed price. POPNA's operations principally comprise marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, coupled with stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger terminal in New York City. AIG Global Investment Group Managing Director, Christopher Lee, stated, The transaction is subject to regulatory approvals, including from various port authorities including in New York/New Jersey, and certain other customary conditions. It is expected to close during the first quarter of 2007.

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