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DP World has announced that it has concluded its offer to acquire South Africa’s Imperial Logistics, with the acquisition to be carried out on March 14.
The Dubai-based port operator and logistics company said all conditions precedent regarding DP World’s offer to acquire a 100 percent stake in Imperial, including regulatory approvals, have been fulfilled.
As a result, Imperial’s ordinary shares will be delisted from the main board of the securities exchange of Johannesburg Stock Exchange (JSE) on March 15, 2022.
The announcement follows a report earlier today on South African business and finance website Moneyweb that the deal to buy the company for ZAR 12.7 billion ($837 million) was conditionally approved by the Competition Tribunal in South Africa.
Conditions include that an employee share ownership programme must be established and the company must spend ZAR 2.1 billion on its South African operations in the period to June 2025.
“Imperial’s capabilities in market access and logistics and its extensive African and European footprint will complement and enhance our growth aspirations," said 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.”
DP World’s offer to buy the South African company was first announced in July 2021.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda )
