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RIYADH: DP World has offered to acquire Johannesburg-listed Imperial Logistics in a deal worth $890 million that would bolster the Dubai port operator's footprint in Africa. The news sent shares in the South African company rocketing by almost 34 percent in early trade.
The proposed acquisition would spur the Dubai company's plans to evolve into an advanced logistics company offering end-to-end supply chain services, it said in a statement on Thursday.
DP World’s cash offer of R66 rand per share implies an equity consideration of around 12.7 billion rand ($890 million) and represents a premium of 39.5 percent to the Imperial share price on Wednesday.
“The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa," said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem. "Imperial’s operations are complementary to our network of ports, terminals and logistics operations on the continent."
The deal will be funded from DP World’s existing available resources, the company said.