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Today, CSX Corp. announced port operator Dubai Ports International has agreed to acquire CSX World Terminals for $1.15 billion cash. The transaction is expected to close in the first quarter.

An international container terminal developer and operator, CSX World Terminals has interests in nine terminals in Asia, Europe, Australia and Latin America. The company also holds interests in logistics businesses in Hong Kong and China.

Since acquiring Sea-Land Corp. in 1987, CSX has sold portions of the company's international ocean-shipping assets. The CSX World Terminals transaction would complete CSX's Sea-Land divestiture.

The deal is "another important step in our continuing efforts to focus on the North American railroad business," said CSX Chairman and Chief Executive Officer Michael Ward in a prepared statement.