UAE - Mubasher: DP World plans to purchase South Africa's Imperial Logistics, an integrated logistics and market access solution provider across 25 countries, in exchange for $890 million.
Dubai-based DP World would offer ZAR 66 per share, a 39.5% premium to the Imperial share price as of 7 July 2021 on the Johannesburg Stock Exchange (JSE), according to a press release on Thursday.
Expected to close by the first quarter (Q1) of 2022, the deal will enable the logistics company to offer cargo owners a fully integrated end-to-end solution across a wider market and accelerate its transformation into an advanced logistics company.
This transaction is subject to Imperial's shareholder approval and other customary completion conditions including regulatory approvals.
The Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, said: "The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa."
The Group CEO of Imperial Logistics, Mohammed Akoojee, commented: "This transaction will be value-enhancing for Imperial as the business will benefit from DP World's leading technology, global networks and key trade lane volumes, while enabling us to build on our 'Gateway to Africa' strategic and growth ambitions."
It is noteworthy to mention that on 4 July, DP World fully acquired Syncreon, a US-based global logistics provider, in exchange for $1.2 billion.
