DP World Limited (DIFX:DPW) made an offer to acquire Puertos y Logistica S.A. (SNSE:PUERTO) from Minera Valparaiso S.A. (SNSE:MINERA), Matte Group, Empresas Copec S.A. (SNSE:COPEC), Celulosa Arauco y Constitución S.A. and others for approximately $500 million on January 13, 2019. DP World has entered into agreement to acquire 71.3% stake from Minera Valparaiso S.A. and other shareholders associated with the Matte Group, in a transaction which will be effected via a tender offer. DP world will own complete 100% in Puertos y Logistica post completion.

Empresas Copec S.A. (SNSE:COPEC), Celulosa Arauco y Constitución S.A. own 23% of Puertos y Logistica S.A, amongst themselves. As of March 4, 2019, the tender offer was launched. The transaction will be financed from existing balance sheet resources.

The transaction is subject to the condition that at least 164 million shares are taken over by DP World until then and relevant third party consents. The transaction is expected to close in the first half of 2019. The takeover is expected to be finalized on April 2, 2019.

The transaction is expected to be earnings accretive in the first full year of consolidation. Scotiabank acted as financial advisor to DP World. Juan José Cárdenas, Camilo Maruy, Ricardo Cárdenas, Víctor Valdez, Andrea Rieckhof and Fernando Rodríguez of Rebaza, Alcázar & De Las Casas, and Javier Villasante, Mariano Ucar, Álvaro López de Ceballos and Marta Benjumea of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisors for DP World.