DP World Plc is under discussions on acquiring Topaz Energy & Marine Plc, which is to become the company’s first venture into oil and gas sector. The acquisition will be for an enterprise value of $1,079 million.
Specifically, DP World Plc stated that the acquisition of Topaz, further strengthens DP World’s position as a world-leading operator in maritime logistics services.
Meanwhile, the acquisition would end the prospect of Topaz listing in London.
This transaction is in line with the company’s strategy to grow their presence in marine logistics and become a solutions provider to end customers.
In addition, Topaz Chief Executive Officer Rene Kofod-Olsen commented
We have a capital markets programme and that has attracted interest from many other parties.
Topaz’s enduring focus on securing long term strategic contracts has allowed it to outperform the market, and the Company’s market-leading contract backlog of $1.6 billion as of 31 March 2019, far exceeds industry benchmarks, demonstrating the success of the Company’s strategic approach.
For DP World, the transaction supports the objective of increasing the company’s presence in the global logistics and marine services industry.
