Dubai port owner DP World snaps up Topaz Energy in $1bn deal
Port operator DP World has bought Topaz Energy and Marine for $1bn (£789m) from Standard Chartered and Renaissance Services.
The Dubai-based firm, which is the world’s largest port operator, today confirmed it has secured the takeover subject to regulatory approval.
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Topaz provides marine logistics for the global energy industry, and operates a fleet of more than 100 vessels, predominantly in the Caspian Sea.
The deal is the latest in a string of acquisitions for DP World, which bought British ferry operator P&O Ferries for £322m earlier this year.
“Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the company outperform the industry,” said DP World chairman and chief executive Sultan Ahmed Bin Sulayem.
“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.”
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The deal marks Standard Chartered’s latest move to sell its private equity business as part of a shift away from direct investing.
It also brings to an end the possibility of a London float of Topaz, a move that was reportedly under consideration by Oman-listed majority owner Renaissance Services last year.