Bruce Barnard, Special Correspondent | Jul 05, 2012 1:37PM EDT
DP World Australia said it received $138 million from the sale of its 60 percent shareholding in Adelaide Container Terminal to locally based Flinders Ports.
The company, which is 25 percent owned by Dubai’s DP World, was forced to dispose of its holding in the South Australian terminal after Flinders exercised its right to buy out its majority stake.
Privately held Flinders, which owned the remaining 40 percent stake, acquired the right to buy DP World’s share when the Dubai company sold 75 percent of its Australian operations, including the Adelaide facility, to private equity firm Citi Infrastructure Investors for $1.5 billion in March 2011.
DP World said the $138 million proceeds from the sale represented a total enterprise value in excess of $241 million, or 12.3 times historic earnings and ahead of the same valuation at the time of the 2011 transaction.
DP World said the sale was not a negotiated transaction with the price being set by an independent valuation.
The terminal, to be renamed Flinders Adelaide Container Terminal, handled 260,000 containers in 2011.
DP Australia also operates container terminals in Sydney, Brisbane, Melbourne and Fremantle.
Contact Bruce Barnard at brucebarnard47@hotmail.com.