AIG Closes Dubai Ports Deal

AIG Global Investment Group has closed its acquisition of P&O Ports North America from DP World of Dubai. No financial terms were disclosed, although the asking price was reported to have been around $700 million. DP World acquired the assets last year, via its $6.8 billion purchase of UK-based Peninsular & Oriental Steam Navigation Company, but decided to sell after the idea of a Dubai-based company owning U.S. ports sparked political furor.