A member company of AIG Global Investment Group announced earlier this week it has entered into an agreement acquire P&O Ports North America (POPNA) from P&O Holdings, a subsidiary of Dubai Ports World.

Financial terms of the transaction were not disclosed. The ports involved in the sale include marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa, and New Orleans, as well as stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger terminal in New York City.

This announcement comes after months of backlash and national security concerns from United States politicians regarding national security. Earlier this year the United States House of Representatives Committee voted 62-2 to block DPW’s bid to acquire P&O’s U.S.-based port operations.

According to a press release issued by AIG and DPW, the transaction is subject to regulatory approvals and is expected to close during the first quarter of 2007.