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Sun 30 Jun 2019 11:51 AM

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Dubai's DP World confirms 'advanced' talks to acquire Topaz Energy

The move will end the prospect of its Oman-listed majority owner listing Topaz in London

Dubai's DP World confirms 'advanced' talks to acquire Topaz Energy
Deutsche Bank AG is advising DP World, while Rothschild & Co. is advising Topaz, Sky News said.

Dubai’s DP World has confirmed it is in "advanced discussion" to take over Topaz Energy and Marine in what is understood to be a deal worth $1.3 million.

Reports had suggested the deal could be announced as early as Monday, but a spokesperson from DP World refused to put a time limit on the move.

He told Arabian Business: “We note the recent speculation regarding a possible acquisition of Topaz Energy and can confirm that DP World is in advanced discussion with regard to this matter. Whilst these discussions are very advanced, there can be no certainty of a transaction. DP World will update the market as and when appropriate.”

The move will end the prospect of Topaz listing in London, with its Oman-listed majority owner, Renaissance Services, exploring an initial public offering for the business as recently as the end of last year, according to a report by Sky News.

Deutsche Bank AG is advising DP World, while Rothschild & Co. is advising Topaz, Sky News said

Topaz operates a fleet of approximately 120 OSVs, which provide support to the offshore oil and gas industry.

Just last year the majority owner of Topaz – Oman’s Renaissance Services SAOG – said it was considering all strategic options for the company, including an initial public offering.

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