DP World Logistics (DP World), an Emirati multinational logistics company led by Dubai-based businessman Sultan Ahmed bin Sulayem, has completed the acquisition of Imperial Logistics (Imperial), an Africa-focused logistics and market access solutions provider led by South African businessman Mohammed Akoojee.
“We are excited about completing this transaction, which will add value to our people, clients, and principals, to our service offering across the markets we serve, and to our other key stakeholders who will benefit from DP World’s leading technology and capabilities,” Imperial’s Group CEO Mohammed Akoojee said in a press statement.
The transaction comes almost a month after Imperial purchased a 49-percent stake in Ascendis SA Holdings Proprietary (Ascendis Pharma), a subsidiary of Ascendis Health Limited, which is listed on the Johannesburg Stock Exchange.
The buyout by DP World was concluded on March 14 after regulatory permissions were obtained, and the full acquisition of Imperial was implemented. As part of the deal, ordinary shares in the South African logistics firm were delisted from the Johannesburg Stock Exchange on March 15.
The strategic purchase of the South African business acts as a value unlock opportunity for investors in the Logistics firm, with Akoojee on track to earn at least $1.5 million from his 0.19-percent stake in Imperial.
According to experts, the purchase would offer considerable strategic value to the Emirati global logistics firm, as Imperial’s footprint, strong market access, and logistics solutions expertise will complement DP World’s current footprint in Africa and Europe.
This will also enable DP World to provide a fully integrated end-to-end solution to a broader market.
Bin Sulayem, group chairman and CEO of DP World, commented on the transaction, stating: “We are excited to complete our acquisition of Imperial, which has a significant presence in Africa, a market where trade is expected to grow at more than twice GDP due to population growth, accelerated urbanization, and rising middle classes.”
Earlier this year, DP World signed a memorandum of understanding with the Port Authority of Dakar to build a $1.13-billion deep-water port in Senegal.
