Dubai port operator acquires Topaz Energy for $1.1bn

DP World, formed after the merger of Dubai Ports Authority and Dubai Ports International, operates ports and terminals in 40 countries. (File/AFP)
Updated 01 July 2019

Dubai port operator acquires Topaz Energy for $1.1bn

  • Topaz operates a fleet of 117 vessels, mainly in the Caspian Sea, Middle East, North Africa, and West Africa
  • DP World is a logistics provider which operates around 78 ports and terminals globally

DUBAI: Dubai port and logistics giant DP World said Monday it has acquired Topaz Energy and Marine, an offshore international vessel and marine logistics company for nearly $1.1 billion.
Dubai-based Topaz is a subsidiary of Renaissance, a publicly traded firm on Oman’s Muscat stock exchange, with Standard Chartered Private Equity holding a minority stake.
Topaz operates a modern fleet of 117 vessels and operates mainly in the Caspian Sea, the Middle East and North Africa, and West Africa, DP World said in a statement.
It has long-standing relationships with leading international energy firms like British Petroleum, Chevron, Dragon Oil and ExxonMobil among others.
“We are pleased to announce the acquisition of Topaz, which further strengthens DP World’s position as a world-leading operator in maritime logistics services,” said the CEO of DP World, Sultan Ahmed bin Sulayem.
DP World is a global logistics provider and operates around 78 ports and terminals in 40 countries.


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.