{"id":80777,"date":"2024-09-03T00:00:00","date_gmt":"2024-09-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/03\/dp-world-acquires-hong-kongs-cargo-services-far-east\/"},"modified":"2024-09-03T00:00:00","modified_gmt":"2024-09-03T00:00:00","slug":"dp-world-acquires-hong-kongs-cargo-services-far-east","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/03\/dp-world-acquires-hong-kongs-cargo-services-far-east\/","title":{"rendered":"DP World acquires Hong Kong\u2019s Cargo Services Far East"},"content":{"rendered":"

DP World expands into retail logistics: <\/strong>DP World has fully acquired Hong Kong-based logistics firm Cargo Services Far East<\/a>, expanding its global footprint to over 115k employees across 800 locations, according to a press release<\/a>. Neither party put a price tag on the transaction, but Bloomberg<\/a> suggested back in April that it would be in the USD 300-400 mn range.<\/p>\n

Where it stands:<\/strong> The acquisition is complete, with plans for the \u201cfull integration\u201d of Cargo Services into DP World\u2019s portfolio set for the coming months. Cargo Services\u2019 founder and managing director, John Lau, will stay on in a senior role \u201cto ensure a seamless transition.\u201d<\/span><\/p>\n

We knew this was coming: <\/strong>DP world was reportedly finalizing the acquisition in April<\/a>. EnterpriseAM Logistics first caught wind of the talks back in November, with sources at the time saying the transaction could be worth as much as USD 800 mn<\/a>.<\/p>\n

What\u2019s in it for DP World? <\/strong>By year\u2019s end, DP World will operate more than 200 freight forwarding offices with exposure to as much as 95% of global trade flows. <\/p>\n

About Cargo Services:<\/strong> Founded in 1989, Cargo Services has offices in 35 cities in China, Singapore, Australia, South Africa, and the US, operating in cold chain logistics, ocean and freight shipping, and fashion distribution.<\/p>\n

DP World is on an expansion spree<\/strong>, most recently creating a JV<\/a> with Turkey\u2019s Evyap Group to manage two major Turkish ports. The firm also acquired Laos-based port operator Savan Logistics in May<\/a>. In March, DP World inked an agreement<\/a> with Brazil\u2019s leading railway operator Rumo to build a new terminal for grains and fertilizers at Port Santos and said that it plans to develop a USD 50 mn<\/a> logistics center in South Korea\u2019s Busan New Port, slated to be operational by 2Q 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"

DP World is set to operate over 200 freight forwarding offices by the end of 2024<\/p>\n","protected":false},"author":1,"featured_media":80778,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[941],"tags":[122,23,137,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-cargo","tag-dp-world","tag-ma-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b099fcca-7740-4873-955e-ec971d1cf762","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2574.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DP World acquires Hong Kong\u2019s Cargo Services Far East","related_issue":[80770],"teaser":"DP World is set to operate over 200 freight forwarding offices by the end of 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.dcda2b36-abd0-42e6-a502-eb2d246647d1.mp3"},"yoast_head":"\nDP World acquires Hong Kong\u2019s Cargo Services Far East - 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