Ports operator DP World has acquired offshore vessel business Topaz Energy and Marine for £845million.
The Dubai-based firm said it was acquiring 100% of the business from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital.
Topaz operates a fleet of 117 vessels in the Caspian, Middle East, North Africa and West Africa regions.
DP World said the transaction supports the company’s objective to increase its presence in the global logistics and marine services industry.
CEO, Sultan Ahmed Bin Sulayem, said: “We have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships, and this acquisition complements the operations of our P&O Maritime Services (POMS), which maintains over 300 vessels globally.
“Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry.
“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.
“Furthermore, this new partnership opens the door for DP World to participate more extensively in new business areas including increasing transit volumes through Azerbaijan under the East-West trade corridor.”