DP World has agreed to sell its remaining shareholding in P&O Trans Australia (POTA) to Qube Logistics. The total amount payable will be AU$106 million (US$111 million), which includes the purchase of DP World's shares and related loans.
The transaction is expected to wrap up by the end of April 2011. The deal will increase Qube's shareholding in POTA to approximately 94.5 percent.
"Qube is very pleased to move to outright control and majority ownership," said Chris Corrigan, Chairman of Qube's Investment Advisory Committee. "We believe that there are substantial growth opportunities for this business, particularly relating to increasing use of rail transport for container movements to and from the ports".