Dubai, Dec 24 (IANS/WAM) Dubai-based DP World, the world's major port operator, has inked a deal to sell 75 percent of its Australian operating arm to Citi Infrastructure Investors for $1.5 billion.
The state-backed firm has said that proceeds will go to reducing net debt.
DP World will continue to provide management services at the five terminals in Australia under the terms of the deal, which is expected to be completed by the end of the first quarter of 2011.
"This strategic partnership provides a great opportunity for DP World to remain actively involved in Australia whilst delivering on our strategy to monetise assets as part of DP World's ongoing goal to reduce leverage and focus on higher margin markets," said DP World chief financial officer Yuvraj Narayan.