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DP World makes offer to buy all outstanding shares of Imperial Logistics

    • DP World expects the deal to build supply chains especially in Africa

    • Imperial Logistics has operations in 25 countries

    Dubai-based port operator DP World said on Thursday it has made an offer of $890 million to acquire all the outstanding shares of the Johannesburg Stock Exchange-listed Imperial Logistics, allowing it to build supply chains especially in Africa.

    The offer represents a premium of 39.5 percent to the Imperial share price as of 7 July 2021 on the JSE and a 34.2 percent premium to the 30-day volume-weighted average price, the port operator said in a statement.

    The transaction, subject to Imperial’s shareholder approval and other conditions is expected to close in the last quarter of this year or the first quarter of the next.

    The statement said Imperial Logistics has operations in 25 countries, mainly in Africa and Europe, and the acquisition is part of DP World’s transformation into a logistics solutions provider

    Imperial Logistics focuses on fast-growing industries including healthcare, consumer, automotive, chemicals, industrial and commodities, the statement said.

    “DP World aims to improve connectivity between African producers along fast-growing trade lanes to the rest of the world,” the statement said.

    The port operator said the deal will be funded from DP World’s existing available resources. Last week, DP World fully acquired the US-based logistics provider Syncreon for an enterprise value of $1.2 billion, which also will be self-funded.