Johannesburg – Dubai-based DP World today announced an offer to acquire JSE-listed Imperial Logistics for $890 million (R12.7 billion).
DP World in a statement said the acquisition will enhance its capabilities, particularly in Africa and accelerate its transformation into an advanced logistics company offering end-to-end supply chain services to the owners of cargo.
DP World’s has put forward a cash offer of R66 per share. The transaction is subject to Imperial’s shareholder approval and the green light from competition authorities. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said the company is aware of the importance of economic transformation through Broad-Based Black Economic Empowerment (B-BBEE) and intends to maintain Imperial’s existing programmes, and fully supports Imperial’s proposed B-BBEE transaction that was announced in April 2021.
“The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa. 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,” he said.
Mohammed Akoojee, Group Chief Executive Officer of Imperial Logistics said the 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.
“Combining DP World’s world-class infrastructure such as 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.”
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