Dubai-based port operator DP World says it has increased its stake in a company operating out of South Korea's Busan port.
DP World said Thursday it purchased an additional 23.94-percent stake in Pusan Newport Co. Ltd. from Samsung Corp. & Subsidiaries. It said that put DP World's overall stake in the company to 66.03 percent.
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The operator did not disclose financial terms of the deal, which involves the largest terminal at Busan. The company uses a different transliteration for its name.
South Korea's Yonhap news agency, quoting an anonymous source, put the value at the deal at close to 300 billion won ($249 million).
DP World ranks among the world's largest port operators. The government-backed firm has business at over 70 terminals in 40 countries around the world.