DP World broadens logistics reach in Africa

Advertisement

This will enhance DP World’s capabilities, particularly in Africa, building on its extensive infrastructure of ports, terminals and economic zones….reports Asian Lite News

DP World announced an offer to acquire JSE-listed Imperial Logistics, an integrated logistics and market access company with operations mainly across the African continent and in Europe.

This will enhance DP World’s capabilities, particularly in Africa, building on its extensive infrastructure of ports, terminals and economic zones.

DP World’s cash offer of ZAR66 per share implies an equity consideration of around ZAR12.7bn (around US$890mn).

It represents a premium of 39.5 percent to the Imperial share price as of 7th July 2021 on the Johannesburg Stock Exchange (JSE) and a 34.2 percent premium to the 30-day volume weighted average price.

This transaction is subject to Imperial’s shareholder approval and other customary completion conditions including regulatory approvals.

Imperial is an integrated logistics and market access solutions provider with a presence across 25 countries, including a significant footprint in the high growth Africa market.

The Group focuses on fast-growing industries including healthcare, consumer, automotive, chemicals, industrial and commodities.

“The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.

“Imperial’s operations are complementary to our network of ports, terminals and logistics operations on the continent. Like DP World, Imperial’s biggest asset is its people, and we look forward to welcoming employees of Imperial into the DP World team on successful conclusion of the transaction.”

ALSO READ: Israel probes possible missile attack on ship en route UAE