DP World Buys Topaz Energy for $1B
DP World plc revealed on Monday that it has acquired 100 percent of Topaz Energy and Marine Limited for $1.079 billion. The company purchased Topaz from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital.
“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,” Ahmed Bin Sulayem, group chairman and CEO of DP World, said in a company statement.
“This transaction is in line with our strategy to grow our presence in marine logistics and become a solutions provider to end customers. We look forward to welcoming the Topaz team into the DP World family,” he added.
Commenting on the deal, Topaz CEO, Rene Kofod-Olsen, said, "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,” Kofod-Olsen added.
DP World describes itself as a leading enabler of global trade. The company’s operations include ports and terminals, industrial parks, logistics and economic zones, maritime services and marinas.
Topaz describes itself as a leading international offshore support vessel company. Headquartered in Dubai, Topaz operates a fleet of around 120 offshore support vessels with an average age of approximately nine years, according to the company’s website.
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