Port operator DP World buys US logistics firm in $1.2B deal

DUBAI, United Arab Emirates (AP) — One of the world’s largest port operators, DP World, says it has acquired an American logistics firm in a $1.2 billion deal. Dubai-based DP World said on Thursday that its purchase of global logistics provider Syncreon Holdings is expected to close later this year. The company plans to fund the acquisition from existing resources so as not to take on more debt. The move comes after the port operator posted a 29% drop in 2020 profits amid the pandemic. Still, DP World has done brisk business in recent months, striking multiple deals to grow its footprint as a logistics company.