AIG Global Investment Group Completes Acquisition Of Dubai’s P & O’s U.S. Marine Terminal Operations

AIG Global Investment Group (“AIGGIG”) announced that it has completed the purchase of 100% of the stock P&O Ports North America (“POPNA”) 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.’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.

AIGGIG Chief Executive Officer, Win Neuger, stated “As 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 team’s commitment to operational excellence, superior customer service and workplace safety.”