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