DP World Australia completed its AUD 174.5 mn (AED 421.3 mn) fullacquisition of port-to-door Australian logistics operator Silk Logistics Holdings, implementing the scheme of arrangement that secured shareholder approval on 1 August and court approval on 6 August, according to a statement (pdf). Silk shareholders received AUD 2.14 per share yesterday, and the company is expected to be delisted from the Australian Securities Exchange today.

The transaction also brought board changes, with current directors stepping down and DP World Australia CFOs Peter Conomos and Jason Varsamidis, as well as executive vice president for Oceania Nicolaj Noes, taking on the roles of directors. The company secretary was also replaced with DP World’s senior legal director for Oceania Amelia Mitchell.

REFRESHER- DP World Australia — which operates four terminals and a number of warehouses in the country — will now take over Silk Logistics’ business segments in port and contract logistics, which specialize in wharf cartage services between Australia’s major ports, warehousing, and multimodal distribution solutions. This includes acquiring the firm’s Australian operation portfolio, including 21 logistics hubs and 25 warehousing sites across five states.

Tags: