updated 12/9/2004 9:42:10 AM ET 2004-12-09T14:42:10

Dubai Ports International is buying the foreign port operations of U.S. railroad company CSX Corp. for $1.15 billion in cash, the companies announced Thursday.

DPI is acquiring the business now run by CSX World Terminals, which includes ports in Hong Kong, China's Tianjin and Yantai, Australia, Germany, Dominican Republic and Venezuela, DPI and CSX said in a joint statement issued in Hong Kong.

The deal, which is due to be formally completed in the first quarter of 2005, will elevate DPI to one of the top six port operators in the world, the statement said.

Florida-based CSX also has interests in logistics businesses in Hong Kong and China, as well as a 25 percent stake in Pusan Newport in South Korea, which is due to open in 2006.

DPI Managing Director Mohammed Sharaf said "the acquisition of CSX World Terminals will be a strong strategic fit for DPI, bridging out terminal network between East and West."

CSX Corp. Chairman Michael Ward said selling the ports allows it to focus more on its U.S. railroad business.

Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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