DP World buys Silk Logistics for A$174 million
Silk Logistics operates 21 logistics hubs and 25 warehousing sites across five Australian states.
DP World Australia, a subsidiary of DP World, has entered into a binding scheme implementation deed for the acquisition of 100 percent of the issued share capital of Silk Logistics Holdings with a cash offer of A$2.14 per share.
The transaction values the equity of Silk Logistics at approximately A$174.5 million, says an official release from DP World.
The transaction is subject to shareholder approval of Silk Logistics and standard closing conditions, including necessary regulatory approvals, and is expected to complete in the first half of 2025, the release added.
"Silk Logistics is a comprehensive port-to-door logistics services provider which operates 21 logistics hubs and 25 warehousing sites across five Australian states. The Group operates two main business segments:
*Port logistics: Seamless wharf cartage services between Australia’s major ports; and
*Contract logistics: Warehousing and multimodal distribution solutions to support complex supply chain needs."
Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World says: DP World’s acquisition of Silk Logistics marks a significant step forward in strengthening our integrated logistics capabilities and expanding our service offerings. This strategic move reinforces our commitment to providing seamless, end-to-end customised solutions for our customers, while delivering sustainable value for all our stakeholders."
Glen Hilton, CEO & Managing Director, Asia Pacific, DP World adds: “DP World Australia is excited about the opportunity to welcome Silk Logistics into our portfolio. This acquisition aligns with our strategy to deliver complementary logistics solutions for a broad customer base across Oceania."
DP World Australia operates four container terminals and three container parks at Brisbane, Sydney, Melbourne and Fremantle as well as inland distribution centres and warehouses, the release added.