DP World in talks to acquire Hong Kong’s cargo services firm
Dubai-based ports operator DP World is reportedly in talks to acquire the Hong Kong-based Cargo Services Far East Ltd company, in a move to expand its footprint in Asia. A recently published report stated that DP World is working with a financial adviser on a potential offer. The transaction could value the company close to $800 million. Cargo Services Far East is owned by Hong Kong tycoon John Lau, whose businesses include ocean and freight shipping and fashion distribution. According to a Bloomberg report in March, Lau has been looking for a buyer for his logistics assets. DP World already has a presence in Asia, with a joint venture with Goodman Group that owns a multi-story logistics centre in Hongkong. In 2022, the ports operator expanded its operations in China with a logistics and trade development deal with the Shanghai Lin-Gang Economic Development Group.