Caisse de Depot et Placement du Quebec is investing $5 billion U.S. in DP World’s (DPW)
Dubai assets as the port operator seeks to lower its debt.
The Montreal-based pension manager will take a 22% stake in DP World’s Jebel Ali Port, the
Jebel Ali Free Zone, and the National Industries Park, according to a written statement. The
three assets generated 2021 revenue of $1.9 billion U.S. and will remain fully consolidated
businesses within the DP World Group once the deal is finalized.
The transaction “achieves our objective of reducing DP World’s net leverage” to below four-
times net debt to earnings before interest, taxes, depreciation, and amortization, the port
State-owned DP World had been exploring the sale of equity stakes in certain assets as it works
to reduce its debt level and maintain its investment-grade rating. It agreed to buy the operator of
the free zone in a $2.6 billion U.S. deal in 2014.
The deal with the Caisse de Depot et Placement du Quebec is expected to close by the end of