Dubai’s DP World said to hire banks for $1bn bond

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DP World is hiring banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine, according to three people with knowledge of the plans.

The world’s largest port operator may kick off the sale as early as this week, said two of the people, asking not to be identified because the plans aren’t public. The Dubai-based firm is likely to raise an Islamic bond, or sukuk, the people said.

A spokesman at DP World declined to comment.

DP World last week said it would buy Topaz from Oman’s Renaissance Services and Standard Chartered’s private equity unit for $1.1 billion, marking its first venture into the oil and gas sector. The acquisition is likely to close this year.

The ports company has been on a shopping spree over the past 18 months, buying P&O Ferries and P&O Ferrymasters in Europe and Puertos y Logistica in Chile.

It also purchased an additional stake in DP World Australia and invested through its joint ventures in Canada and India.

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