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Dubai-based global port operator DP World (DPW) has acquired Hong Kong-based Cargo Services Far East Ltd. as it looks to expand in China.
Cargo Services Far East is owned by Hong Kong tycoon John Lau, whose businesses include ocean and freight shipping and fashion distribution.
According to a Bloomberg report last year, the transaction could value the company close to $800 million.
Cargo Services’ portfolio includes ocean freight, air freight and warehousing for a diverse range of sectors. They also provide logistics for retail and high-fashion customers in the US, UK, Europe, South Africa, Australia and New Zealand.
DP World already has a presence in Asia, with a joint venture with Goodman Group that owns a multi-story logistics centre in Hong Kong.
In 2022, the ports operator expanded its operations in China with a logistics and trade development deal with the Shanghai Lin-Gang Economic Development Group.
(Reporting by Brinda Darasha; editing by Seban Scaria)
