Dubai-based DP World has announced that all conditions have been fulfilled related to its offer to acquire South Africa’s Imperial Logistics Ltd in what the port operator has described as its most significant acquisition in Africa so far.
The reported offer of $890 million to acquire a 100 percent stake in Imperial will be implemented on March 14, a statement said.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “We are excited to conclude our acquisition of Imperial, which has a significant presence in Africa, a market where trade is expected to grow at more than twice GDP driven by population growth, accelerated urbanisation and rising middle classes.
“Imperial’s capabilities in market access and logistics and its extensive African and European footprint will complement and enhance our growth aspirations.
“DP World is a business that also focuses on empowering and employing local people in its countries of operation while delivering sustainable and inclusive growth. Imperial’s purpose aligns with our approach and we look forward to welcoming Imperial to the DP World family.”
DP World is one of the world’s largest operators of marine ports and inland cargo terminals, stretching from gateways in London and Antwerp to hubs in Africa, Russia, India and the Americas.
The firm has recently been on an acquisition spree as it attempts to become a more diversified, integrated logistics company.
Imperial’s group CEO Mohammed Akoojee, said: “We are excited about concluding this transaction, which will be value-enhancing for our people, clients and principals, for our service offering across the markets we serve, and for our other key stakeholders who will benefit from DP World’s leading technology, capabilities, global networks, scale and key trade-lane volumes, while enabling us to build on our ‘Gateway to Africa’ strategy and growth ambitions.”
As a consequence of the transaction, the delisting of Imperial’s shares from the Johannesburg Stock Exchange will be implemented on March 15.
DP World and its subsidiaries employ over 71,000 people across its worldwide operations.
For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.