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Dubai’s DP World in ‘very advanced’ talks to buy Topaz Energy

DP World Plc is in advanced discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector.

The world’s largest port operator is in “very advanced” discussions to acquire Dubai-based Topaz, DP World said in a statement. There can be no certainty of a transaction, the company said.

Sky News reported earlier that a $1.3 billion (Dh4.7 billion) deal could be announced as early as Monday, without specifying whether the valuation was referring to the equity or enterprise value of the transaction.

The acquisition would end the prospect of Topaz listing in London. Its Omani owner, Renaissance Services, had been exploring an initial public offering for the business as recently as September.

“We have a capital markets programme and that has attracted interest from many other parties,” Topaz Chief Executive Officer Rene Kofod-Olsen said on Sunday, adding that the company has been looking at options.

The shares of DP World gained as much as 3.1 per cent, the most since June 10, in Dubai today, while those of Renaissance climbed 2.2 per cent before being suspended.

Deutsche Bank AG is advising DP World, while Rothschild & Co is advising Topaz, Sky News reported.
Source: Bloomberg

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