Port operator DP World extends Southampton operation to 2047, becomes sole owner of venture

DUBAI, United Arab Emirates – Dubai-based international port operator DP World says it has extended its operations at Britain’s Southampton port through 2047 while becoming the sole owner of the venture there.

In a statement Monday, DP World said it purchased the 49-per cent stake in the Southampton venture from Associated British Ports Holdings. It did not discuss the financial terms of the deal.

AB Ports has described Southampton as the United Kingdom’s No. 1 vehicle port and a major cargo port. A spokesman for AB Ports could not be immediately reached for comment.

DP World, which trades on the Nasdaq Dubai, ranks among the world’s largest port operators, with business at more than 65 marine terminals globally. The government-backed firm recorded $675 million in profit attributable to its owners for last year.