DP World hires banks for $1 billion bond to fund Topaz acquisition
DP World is hiring banks to raise about US $1 billion (Dh3.67 billion) of bonds to finance the acquisition of Topaz Energy & Marine, according to Gulf News.
The world’s fourth-largest port operator may kick off the sale as early as this week and is likely to raise an Islamic bond, or sukuk.
DP World last week said it would buy Topaz from Oman’s Renaissance Services SAOG and Standard Chartered PLC’s private equity unit for $1.1 billion, marking its first venture into the oil and gas sector.
The acquisition is likely to close this year and marks the latest purachse in an 18-month shopping spree. DP World has bought 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 India.