DP World, the world’s third-largest port operator, said on Monday it has sold its 25% stake in container terminal Vostochnaya Stevedoring Co to Russia’s Global Ports Investment for $230 million.
Following the sale, Global Ports will now take full control of the Vostochnaya terminal. It already held a 75% stake before the sale. The transaction is expected to close later this week, DP World said in a statement to Nasdaq Dubai.
According to Global Ports, the Vostochnaya Stevedoring Co, based in the port of Vostochny, is the largest container terminal in the Far East of Russia and one of the key gateways for Russian container transport.
The deal is the latest in a series of disposals of non-core assets by DP World. The company sold non-core operations in Belgium and quit a venture in Yemen in September.
Global Ports is a leading container and oil products terminal operator servicing Russia’s cargo flows, with its container terminals accounting for 30% of the overall container throughput across Russian ports. Its oil products terminal in the Baltic Sea basin have a 23% market share of the former USSR fuel oil export market.