AIG Global Investment Group Completes Acquisition Of Dubaiís P & Oís U.S. Marine Terminal Operations
AIG Global Investment Group (ďAIGGIGĒ) announced that it has completed the purchase of 100% of the stock P&O Ports North America (ďPOPNAĒ) from P&O Holdings, Inc., a wholly-owned subsidiary of global marine terminal operator, DP World. Following the closing of the transaction, the company will operate as Ports America, Inc. This transaction was previously announced on December 11, 2006.
Ports America, Inc.ís 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.
AIGGIG Chief Executive Officer, Win Neuger, stated ďAs a leading investor in infrastructure businesses we are pleased to add the acquisition of Ports America to our managed portfolios which include power generation, water and wastewater and waste management in the US and overseas. We plan to continue the POPNA management teamís commitment to operational excellence, superior customer service and workplace safety.Ē
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