DP World Snaps Up Topaz for $1.1B
- Business & Finance
DP World has acquired Topaz Energy and Marine from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital for an enterprise value of $1,079 million.
Topaz, with a contract backlog of $1.6 billion as of 31 March, operates a fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions.
DP World, said that the transaction supports its objective of increasing its presence in the global logistics and marine services industry.
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, and this acquisition complements the operations of our P&O Maritime Services (POMS), 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, and we look forward to welcoming the Topaz team into the DP World family.
“Furthermore, this new partnership opens the door for DP World to participate more extensively in new business areas including increasing transit volumes through Azerbaijan under 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.”
Topaz CEO, René Kofod-Olsen stated, “This is an excellent deal for our employees and customers. Being part of a world leading group such as DP World, ensures that we will continue to be an employer of choice for talented individuals and will bring greater strength and benefits to our customers.”