Business Investment

DP World acquires Topaz Energy from StanChart and Renaissance

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Tuesday 02, July 2019 BY Kuda Muzoriwa

DP World has acquired several companies in the past 18 months, including 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

DP World has acquired Topaz Energy and Marine from Renaissance Services and Standard Chartered Private Equity, Affirma Capital, for $ 1 million.

Sultan Ahmed Bin Sulayem, the Group Chairman and CEO of DP World, said that the acquisition of Topaz Energy complements the operations of P&O Maritime Services (POMS) business, which maintains over 300 vessels globally and it opens the door for DP World to explore new business areas more extensively.

Analysts said that that the deal is the latest in Asia-focused lender StanChart’s efforts to sell its private equity business as part of a broader shift away from direct investing.

 

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