Subsidiary of AIGGIG in Acquisition of U.S. Port Assets of DP World
December 11, 2006
Cleary Gottlieb represented a wholly-owned subsidiary of AIG Global Investment Group (AIGGIG) in connection with its successful bid for the acquisition of P&O Ports North America, Inc. (POPNA). The acquisition was announced on December 11, and is subject to regulatory approval and other customary closing conditions. Closing is expected to occur in the first quarter of 2007.
POPNA’s operations consist of marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger ship terminal in New York City.