DP World, one of the world’s biggest port operators, has agreed to buy Canada’s Fairview Container Terminal from Deutsche Bank for C$580 million ($457 million), the Dubai firm said on Thursday.
The terminal, in Prince Rupert, British Columbia, has a capacity of 850,000 twenty-foot equivalent unit (TEU) but a just-announced expansion will raise capacity to 1.35 million TEU on completion in 2017, DP World said in an emailed statement.
Fairview was bought on a debt-free basis. The transaction is subject to Canadian regulatory approval and DP World expects to be complete the deal in the second half of 2015.
DP World already operates the CENTERM terminal in Port Metro Vancouver in Canada.