Summary
CSX Corporation (CSX) has completed the sale of its wholly-owned subsidiary, SL Service, Inc. (SLSI), to Dubai Ports International FZE (DPI) for approximately $1.142 billion in cash. This transaction marks a significant divestiture for CSX, as SLSI holds the equity interests in CSX World Terminals, LLC (CSXWT), which operates international container terminals and related marine logistics businesses across Asia, Europe, Latin America, and Australia. Consequently, CSX has exited its international terminal and marine logistics operations. The sale is subject to final adjustments for working capital and long-term debt. CSX will retain certain residual assets and liabilities from prior divestitures and discontinuances, and will indemnify DPI and its entities against these, with CSX guaranteeing these obligations. An Omnibus Closing Agreement was entered into to detail purchase price adjustments and other amendments to the original stock purchase agreement.
Key Highlights
- 1CSX completed the sale of its international terminal and marine logistics businesses (via SLSI) to Dubai Ports International FZE (DPI).
- 2The transaction generated approximately $1.142 billion in closing cash consideration for CSX, subject to adjustments.
- 3The divested assets include CSX World Terminals, LLC (CSXWT), a significant international container terminal operator.
- 4This sale signifies CSX's exit from its international terminal and marine logistics operations.
- 5CSX will indemnify the buyer against certain residual assets and liabilities from prior divestitures.
- 6CSX will guarantee its subsidiary's indemnification obligations.
- 7An Omnibus Closing Agreement was executed to finalize purchase price adjustments and other deal terms.