DP World, one of the world’s largest port operators, has snapped up Dubai-based offshore vessel business Topaz in a deal worth £1.1bn (€1.2bn).

DP World, which owns British ferry business P&O, has ended speculation regarding a float for Topaz Energy and Marine by announcing the acquisition.

Topaz will change hands from its current owners, Oman-listed Renaissance Services and Standard Chartered Private Equity.

Last year, majority owner Renaissance explored an initial public offering for the marine logistics business.

Topaz operates a fleet of 117 offshore vessels, predominantly in the Caspian Sea and West Africa.

In 2018, Topaz reported consolidated revenues of $349m (€307m), and earnings before tax and interest of $190m (€167m).

The acquisition by DP World, which bought P&O in 2006, will diversify its business as part of plans to become a leader in world trade flows.

DP World employs 45,000 people and has operations in 40 countries, moving 190,000 containers every day.

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World, said: “We are pleased to announce the acquisition of Topaz, further strengthening DP World’s position as a world-leading operator in maritime logistics services.

“In recent years, 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, which maintains over 300 vessels globally.

“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.”

The deal is subject to conditions and is expected to close in the second half of 2019, DP world said on Monday.

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