International port operator DP World said on Monday it sold a stake in its home base, the Jebel Ali Port, and other flagship assets to one of Canada’s largest pension funds for $5 billion, expanding the Canadian group's reach into the crown jewel of the Dubai-based company's operation.
The transaction comes nearly two years after Dubai's DP World struck a deal with Canadian infrastructure investor Caisse de Dépôt et Placement du Québec, or CDPQ, to pour $4.5 billion of new capital into their joint venture already spanning four continents and 18 terminals.
