Dubai-based port operator DP World is to acquire a 60 percent stake in Contarsa Sociedad de Estiba (Contarsa), a privately-owned company that holds the exclusive concession for Tarragona container terminal in northern Spain.
The transaction has received approval from the Tarragona Port Authority and is awaiting European Union regulatory clearance.
The price was not disclosed.
Tarragona Port is located in the Mediterranean near Barcelona, serving the hinterland of northern and central Spain. It has the potential to expand and to attract cargo seeking alternatives to nearby ports.
DP World CEO Mohammed Sharaf said: "Tarragona is very well-placed to service a large market; the city has recently attracted investment from major multinational distributors, attracted by its established infrastructure links.''
Flemming Dalgaard, DP World's senior vice-president and managing director of Europe and Russia, said: "Tarragona has great potential for future growth, with room for expansion, a deep-water draft and excellent direct road and rail connectivity to both Barcelona and Madrid."
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