This transaction is still subject to Imperial shareholder approval and other customary completion conditions, including regulatory approvals.

DP World, with 136 business units in 61 countries across six continents, is interested in acquiring Imperial and all its businesses to expand its logistics footprint in Africa and Europe.

"Imperial's Logistics International business is within the scope of the offer and as such will not be sold separately under this proposed offer," said the press statement.

Said Imperial CEO Mohammed Akoojee: "Our Logistics International business and operations are also aligned with DP World's strategic expansion plans on the European continent. Combining DP World's world-class infrastructure, specifically its investment and expertise in ports on the African and European continents, with Imperial's logistics and market access platforms will enable us to offer integrated end-to-end solutions along key trade lanes into and out of Africa and accelerate our position in Europe, driving greater supply chain efficiencies and ultimately enhancing value for all stakeholders."

Said DP World CEO Ahmed Bin Sulayem: "Imperial has a significant presence in Africa, a market where trade is expected to grow at more than 2x GDP driven by population growth, accelerated urbanisation and rising middle classes. Imperial's business strongly complements DP World's existing footprint in Africa and Europe and will allow us to deliver a fully integrated end-to-end solution to cargo owners across a wider market."

DP World and its subsidiaries employ over 50,000 people across its worldwide operations.