DP World hires banks for $1 billion bond to fund Topaz acquisition

DP World hires banks for $1 billion bond to fund Topaz acquisition
TBSx3 says DP World Australia partnership is potential stepping stone to blockchain use at Jebel Ali Port.
Published: 10 July 2019 - 8:57 a.m.
By: Logistics Middle East Staff

DP World is hiring banks to raise about US $1 billion (Dh3.67 billion) of bonds to finance the acquisition of Topaz Energy & Marine, according to Gulf News.

The world’s fourth-largest port operator may kick off the sale as early as this week and is likely to raise an Islamic bond, or sukuk.

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DP World last week said it would buy Topaz from Oman’s Renaissance Services SAOG and Standard Chartered PLC’s private equity unit for $1.1 billion, marking its first venture into the oil and gas sector.

The acquisition is likely to close this year and marks the latest purachse in an 18-month shopping spree. DP World has bought P&O Ferries and P&O Ferrymasters in Europe and Puertos y Logistica in Chile.

It also purchased an additional stake in DP World Australia and invested through its joint ventures in Canada and India.


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