DP World to delist, return to state ownershipChristian Fernsby ▼ | February 17, 2020
Dubai's DP World said today it would delist and return to full state ownership in a deal valuing the company at $13.9 billion.
Business in the Middle East DP World
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Port and Free Zone World, a wholly owned subsidiary of state investment vehicle Dubai World, is to acquire the 19.55% of shares listed on the Nasdaq Dubai, according to a stock filing.
Port and Free Zone World already owns 80.45% of ordinary share capital of DP World.
Each listed share will be acquired for $16.75, a 28.8% premium on Sunday's closing price of $13 a share.
Port and Free Zone World will finance the transaction in new facilities arranged by Citibank and Deutsche Bank, the filing said.
Port and Free Zone World will also provide $5.15 billion in funds to Dubai World, helping it meet outstanding obligations to lenders so that DP World can implement its strategy without restrictions, it said. ■