DP World to complete Imperial deal by mid-March
Africa focused provider of logistics solutions, Imperial employs over 25,000 people and had revenue of $2.96 billion
With all regulatory approvals in place, the transaction to acquire 100 percent stake in Imperial Logistics Limited (Imperial) by DP World Logistics FZE (DP World) will be implemented on March 14, 2022, according to an official release from DP World.
"Imperial's capabilities in market access and logistics and its extensive African and European footprint will complement and enhance our growth aspirations," says Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World. "DP World is a business that also focuses on empowering and employing local people in its countries of operation while delivering sustainable and inclusive growth. Imperial's purpose aligns with our approach and we look forward to welcoming Imperial to the DP World family."
Imperial's Group CEO Mohammed Akoojee added: "We are excited about concluding this transaction, which will be value-enhancing for our people, clients and principals, for our service offering across the markets we serve, and for our other key stakeholders who will benefit from DP World's leading technology, capabilities, global networks, scale and key trade-lane volumes, while enabling us to build on our 'Gateway to Africa' strategy and growth ambitions.
"Combining DP World's world-class infrastructure, specifically its investment and expertise in ports on the African continent, with Imperial's logistics and market access platforms will enable us to offer integrated end-to-end solutions along key trade lanes into and out of Africa, also driving greater supply chain efficiencies, and ultimately enhancing value for all stakeholders."
The buyout has been finalised at ZAR 66 per ordinary share (nearly $4).
Imperial, an African focused provider of integrated market access and logistics solutions, employs over 25,000 people with an annual revenue of ZAR46.4 billion ($2.96 billion) and EBITDA of ZAR4.1 billion ($262 million).