By Mitchelle Uzorka
DP World Limited, a Dubai-based global port operator has conditionally agreed to restructure its interest in a joint venture, which operates two French ports.
DP World agreed with Terminal Link SA, a joint venture 51 percent owned by CMA CGM and 49 percent owned by China Merchants Port, to restructure Portsynergy SAS, which is a 50:50 joint venture and a holding company for subsidiaries Génénerale de Manutention Portuaire SA and Eurofos SARL.
In their agreement, DP World will consolidate Eurofos, while maintaining 50:50 ownership structure between DP World and Terminal Link.
Terminal Link on the other hand will acquire a controlling majority in the holding company of Le Havre, while DP World will sell its minority share in Le Havre to funds, with a transaction enterprise of value of €700 million ($770 million) on a 100 percent basis.