DP World announced the acquisition of 100 percent of Topaz Energy and Marine Limited (TOPAZ) from renaissance services SAOG and Standard Chartered private Equity/Affirma Capital for an enterprise value of AED3.97 billion (usd1.08 billion).
“We are pleased to announce the acquisition of Topaz, which further strengthens DP World’s position as a world-leading operator in maritime logistics services”Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World.
Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, said: “In recent years, we have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships. This latest acquisition complements the operations of our P&O Maritime Services (POMS) business, which maintains over 300 vessels globally. Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the company outperform the industry. We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth. Furthermore, this new partnership opens the door for DP World to explore new business areas more extensively, for example, increasing transit volumes through Azerbaijan within the East-West trade corridor.
This transaction is in line with our strategy to grow our presence in marine logistics and become a solutions provider to end customers.”