DP World, one of the world’s leading port and terminal operators, has acquired logistics company Topaz Energy & Marine in a deal worth USD $1.1 billion, according to The Financial Times.
The purchase, which is expected to increase DP World’s “exposure to marine logistics”, was agreed with Oman-listed Renaissance Services and Standard Chartered Private Equity/Affirma Capital.
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive of DP World, hailed the move as a continuation of the company’s expansion into supply chain services.
We’ll need ground-breaking technology, connected economies and #smarttrade solutions to make a real impact that improves people’s lives. #tech #innovation #DigitalDispruption #IoT #supplychain #AI (2/2)
— Sultan Ahmed Bin Sulayem (@ssulayem) June 28, 2019
He said: “We have been investing selectively in the marine logistics sector in companies with high revenue visibility.”
Dubai-based Topaz operates a fleet of 117 vessels that primarily operate in and around the Middle East, North Africa and West Africa.
Rashid Abdulla, DP World, discusses port-centric logistics in a recent Port Technology technical paper
DP World’s acquisition of Topaz follows a number of other purchases in recent months, including that of European ro-ro operator P&O Ferries for $421 million.
The company also acquired Unifeeder, the largest shortsea network operator in Europe, in 2018 to complement existing business and provide further opportunities for growth.