DP World’s Acquisition of Cargo Services Seafreight (and Indirect Control of CN Logistics)

Deal Overview

Acquirer: DP World (via DP World Logistics FZE)
Target: Cargo Services Seafreight business (Cargo Services Far East group), with the transaction involving the indirect acquisition of a majority stake in CN Logistics International Holdings Limited (HKEX-listed)
Transaction type: Acquisition (private acquisition of 100% of the Cargo Services Seafreight business) with a listed-company control element (majority stake in CN Logistics through the acquisition structure)
Total transaction size: Undisclosed (industry reporting cited market estimates in the range of approximately US$300m to US$800m)
Transaction structure (cash / equity / debt): Not publicly disclosed
Public announcement date: 18 April 2024 (Freshfields announcement)
Completion date: 2 September 2024 (DP World completion announcement)

DP World’s acquisition of the Cargo Services Seafreight business is best understood as a platform move rather than a narrow bolt-on. In logistics, competitive advantage is no longer defined only by who owns the largest collection of terminals, warehouses, and infrastructure assets. It is increasingly defined by who can coordinate more of the end-to-end chain, starting at origin planning and purchase order management and extending through freight forwarding, customs processes, and downstream distribution support. This shift matters because customers are trying to reduce fragmentation and execution risk. They want fewer handoffs, better visibility, and a service provider that can manage disruption when routes, suppliers, or compliance requirements change.

Announced publicly in April 2024 and completed in September 2024, the transaction was positioned by DP World as a step in expanding “beyond the port gate.”  While DP World acquired 100% of the Cargo Services Seafreight business, the wider structure also resulted in DP World indirectly acquiring a majority stake in CN Logistics International Holdings Limited, a company listed on the Hong Kong Stock Exchange. This hybrid structure creates a private acquisition with an embedded public-company control dimension. That public-company element is not a technical footnote. It affects the governance perimeter of the transaction, increases the relevance of disclosure and oversight, and shapes the design of post-completion commercial arrangements between group entities.

DP World did not disclose the purchase price in its completion announcement. Industry reporting cited a broad valuation band of approximately US$300m to US$800m. That range is not a confirmed figure, but it suggests the market treated the acquisition as meaningful in scale and strategic value, particularly because the target’s capabilities sit upstream in Greater China origin logistics. DP World’s completion messaging emphasised integration over the months following closing, and it presented the acquisition as supportive of sector-specific logistics growth, particularly in retail and high-fashion supply chains where origin control, lead-time discipline, and documentation accuracy can be decisive to commercial outcomes.

Industry and Market Context

This acquisition sits within a logistics environment shaped by repeated volatility. Over the last decade, supply chains have faced pandemic disruption, shifting trade patterns, tightening trade controls, and geopolitical instability affecting major shipping lanes. Logistics firms cannot remove these shocks, but they can respond by widening service coverage and increasing operational control over execution. Control at origin is particularly valuable. Many of the risks that ultimately cause missed delivery windows or compliance failures originate upstream, including supplier coordination breakdowns, consolidation errors, late documentation, or lack of visibility into what is ready to ship.

A second development is consolidation in freight forwarding and contract logistics. Forwarding has historically been fragmented and relationship-driven, but customer expectations increasingly involve standardised global service levels and real-time visibility across trade lanes. Retail and fashion supply chains are a practical illustration. These supply chains are seasonal, time sensitive, and margin sensitive. A late shipment can destroy value if product arrives after a selling window, while a documentation failure can lead to delays or rejection at customs even when transport capacity is available. Achieving disciplined execution through arm’s-length relationships can be difficult. Ownership of origin service capability allows a buyer to standardise workflows, align incentives, and integrate performance into tracking and exception-management systems rather than relying on dispersed partners.

A third trend is that infrastructure owners are moving up the value chain into service layers. Ports and terminals remain essential, but they can be exposed to volume cycles and are often capital intensive. Service layers such as origin operations and forwarding create more frequent customer touchpoints, richer operational data, and more scope for bundling. Strategically, combining infrastructure control with service capability moves an operator from being a single node in the chain to coordinating the chain. Against this backdrop, Cargo Services appears less like an opportunistic purchase and more like a building block within DP World’s repositioning toward integrated logistics.

This market context also explains why the “beyond the port gate” narrative is commercially important. If a ports operator remains only at the port gate, customers can treat it as a commoditised node. When the operator extends into origin planning and forwarding, it can influence upstream supply chain design, build stronger client relationships, and improve pricing flexibility through bundled offerings. In that sense, the acquisition is not only about geographic reach. It is about where DP World sits in the customer’s operational decision-making.

Company Details: Acquirer – DP World

DP World is a Dubai-based global supply chain and logistics group best known for its network of marine terminals, ports, and trade infrastructure. Over time, it has expanded beyond traditional port operations into logistics services, freight forwarding, and supply chain management. That repositioning matters for understanding this deal. A Hong Kong-origin logistics platform can create more strategic value to DP World’s stated direction than incremental terminal capacity, because it supports service integration upstream and strengthens customer relationships across more stages of the chain.

DP World’s strategy has been framed as evolving from “port operator” to “integrated supply chain partner.” In practice, this means combining physical infrastructure with forwarding, warehousing, customs processes, origin services, and technology-driven cargo visibility. The commercial logic is straightforward. Infrastructure can be capital intensive and sensitive to volume cycles, while logistics services can generate recurring revenue streams and higher-value bundled offerings. Logistics services can also generate data and visibility, which strengthens customer stickiness and helps win longer-term contracts where performance and reliability matter.

Ownership and financial profile

DP World operates through Dubai’s state-linked ownership structure and is not publicly listed in a way that produces a continuously quoted market capitalisation. Accordingly, scale is better evaluated using financial performance, operational footprint, and investment capacity rather than market cap. DP World publicly reported first-half 2024 revenue of US$9.34bn and adjusted EBITDA of approximately US$2.5bn, while referencing challenging global trade conditions including disruption linked to Red Sea shipping insecurity. This means that DP World pursued this transaction in a volatile operating environment and supports the inference that DP World sees service diversification as a strategic hedge, allowing it to reduce reliance on terminal-linked revenue and deepen the service relationship with customers.

Red Sea-related disruption has been associated with rerouting, longer transit times, and pressure on capacity and reliability. In such environments, customers place more value on providers who can plan around disruption, secure alternative routing, coordinate at origin, and manage documentation and exception handling. A ports-only operator may be more exposed to volume shifts. A provider with stronger origin and forwarding capability can potentially retain customers through service continuity and problem-solving across the chain. That is why DP World’s financial context and macro commentary is relevant to this acquisition. It helps explain the strategic timing and the emphasis on building an integrated platform.

Leadership

At the time the Cargo Services transaction was announced and completed, DP World’s Group Chairman and CEO was Sultan Ahmed bin Sulayem, who was quoted in the completion announcement. His public messaging framed the acquisition as aligned with DP World’s shift into integrated logistics and emphasised sector expansion, particularly into retail and fashion logistics.

Previous strategic moves: Imperial Logistics

DP World’s earlier acquisition of Imperial Logistics in South Africa is useful context because it shows how DP World expands its logistics footprint and the scrutiny such expansion can attract. Imperial Logistics is a logistics and supply chain services business with activities including freight forwarding and contract logistics. DP World’s acquisition of Imperial meant DP World already had meaningful logistics services exposure in South Africa before the Cargo Services transaction. This is directly relevant to why merger control review arose in South Africa for this deal. Where an acquirer already has logistics services in a jurisdiction, regulators are more likely to examine whether the transaction increases concentration, strengthens market power, or creates portfolio effects in related services.

Company Details: Target – Cargo Services Seafreight (Cargo Services Far East group):

Cargo Services Far East Ltd is a global supply chain provider headquartered in Hong Kong, founded in 1989. DP World described Cargo Services as an early foreign logistics provider to enter China, which is strategically significant given China’s role as a manufacturing and sourcing base for many global retail and consumer supply chains. In origin-heavy supply chains, long-established vendor networks and operating experience can be difficult to replicate quickly, making these capabilities valuable acquisition targets.

Cargo Services’ core capability is origin management combined with freight forwarding execution. Origin services go far beyond booking transport. They include purchase order management, supplier coordination, consolidation planning, quality checks, documentation, warehousing, and orchestration of shipment flows from factory to destination. These functions are especially valuable in retail and high-fashion logistics because time-to-market matters and documentation accuracy can be decisive. Missing a seasonal selling window can eliminate much of the commercial value of inventory even if the shipment eventually arrives.

Scale and footprint

DP World stated that Cargo Services employs over 2,500 people across Greater China and has operations spanning Asia, Europe, South Africa, and the United States. DP World also described Cargo Services’ offerings as including purchase order management, ocean freight, air freight, warehousing, and specialised cruise logistics solutions. Beyond headcount and footprint, further metrics such as revenue, throughput volumes, or office count are not consistently disclosed in the public deal materials.

Leadership and continuity

DP World’s completion announcement named John Lau as Group Managing Director of Cargo Services Group and stated that he would remain with the business and take on a senior leadership role within DP World. This is an important integration signal. In service businesses, value can sit heavily in relationship capital, operational know-how, and discipline built into routines. Retaining leadership reduces the risk of customer churn and operational disruption during integration.

Why Cargo Services was strategically attractive

Cargo Services offered DP World three central advantages that align directly with DP World’s platform strategy. First, it provided deep origin capability in China and Asia, a high-leverage upstream node where supply chains can succeed or fail. Second, it brought sector strength in retail and fashion logistics, which can require more demanding service levels than general forwarding due to seasonality and time sensitivity. Third, it introduced a listed-company element through CN Logistics, which can offer transparency and optionality, but also expands the governance and compliance perimeter of the acquisition.

Company Details: CN Logistics International Holdings Limited:

CN Logistics is a Hong Kong Stock Exchange listed company, and DP World’s indirect acquisition of a majority stake changes the controlling shareholder dynamics within a listed-company environment. This matters because listed companies have minority shareholders and a formal rulebook governing disclosure, corporate governance, and related-party dealings. As a result, a transaction involving control of a listed entity carries implications that differ from a purely private acquisition.

The significance of CN Logistics for this deal analysis is twofold. First, it affects how integration can be pursued. If DP World seeks to route business, services, or agency arrangements through CN Logistics post-completion, the nature of those transactions may attract scrutiny under Hong Kong connected transaction frameworks depending on scale and relationship. Second, it affects how the market perceives the acquisition. The market will likely focus not only on operational integration benefits but also on whether governance standards are maintained, whether minority shareholder protections are respected, and whether intra-group arrangements are transparent and fairly priced.

The Acquisition:

Timeline

On 18 April 2024, Freshfields announced it was advising DP World on the proposed acquisition and stated that completion was conditional on regulatory approvals . On 6 August 2024, the Competition Tribunal of South Africa approved the merger between DP World Logistics FZE and Cargo Services Seafreight Limited, following a recommendation by the Competition Commission and directing that a merger clearance certificate be issued . On 2 September 2024, DP World publicly announced completion of the acquisition and stated that integration would occur over the next few months, highlighting expansion into retail and fashion logistics .

Motivation

DP World’s motivation aligns with its stated shift toward end-to-end logistics. Cargo Services provides deeper origin capability and freight forwarding execution, particularly in Greater China, which supports DP World’s aim to coordinate supply chains rather than operate only as a terminal node. DP World also framed the acquisition as enabling growth in retail and high-fashion logistics, where speed, documentation accuracy, and origin management discipline are commercially important. The acquisition can therefore be understood as vertical expansion: moving from infrastructure control into upstream services that influence the customer’s supply chain decisions earlier in the process.

Cargo Services’ motivation is not set out in detail in DP World’s public completion announcement, but the deal dynamics support a typical interpretation. Integration into a larger platform can provide capital, network scale, and access to a wider customer base. For service-based logistics providers, integration into a global group can also support technology investment, global contracting, and the ability to compete for larger accounts that demand consistent service across trade lanes. DP World’s emphasis on continuity and leadership retention suggests a “scale and grow” logic rather than a purely cost-cutting integration.

Integration

DP World stated that integration would occur over the months following completion and emphasised continuity. The decision to retain John Lau in a senior leadership role is a key integration signal. It suggests DP World understood that origin services and forwarding rely heavily on disciplined execution and relationship capital. Retaining management can reduce disruption risk and support customer confidence during the integration period. Although public materials do not provide quantified synergy targets, the integration thesis can be inferred from DP World’s messaging: using Cargo Services’ origin and forwarding capabilities to strengthen sector-specific offerings and to expand DP World’s broader logistics platform.

The integration strategy is also shaped by the CN Logistics listed-company element. Where a listed entity sits within the group structure, integration choices may be constrained by governance and disclosure requirements. If DP World group entities enter commercial arrangements with CN Logistics, those may need to be documented, potentially disclosed, and assessed under connected transaction frameworks depending on scale and relationship.

Advisers

Freshfields Bruckhaus Deringer acted for DP World and publicly identified partners leading the transaction. Latham and Watkins acted for the seller and described a broad scope including corporate, tax, antitrust, US HSR matters, foreign direct investment, data privacy and IP, and Hong Kong financial regulatory matters . BDA Partners advised Toll Group on the sale of a related minority interest . The breadth of these workstreams reinforces that the transaction involved a multi-jurisdiction regulatory perimeter and a listed-company compliance dimension.

Legal Contentions and Regulatory Impact:

Legal and Regulatory Issues

The transaction engaged multiple regulatory processes, with South Africa and Cyprus providing the clearest examples in public materials. In South Africa, the Competition Tribunal approved the merger between DP World Logistics FZE and Cargo Services Seafreight Limited on 6 August 2024 under section 16(2)(a) of the Competition Act, 1998, following a recommendation by the Competition Commission . The approval was unconditional. This is significant because it demonstrates that merger review was triggered not by headquarters location but by operational overlap and market presence in South Africa. DP World had existing logistics services exposure in South Africa through its broader logistics footprint, making it plausible that the authorities examined whether the transaction increased concentration in freight forwarding or adjacent logistics services.

Based on the public outcome, the most defensible conclusion is that the authorities did not find competition concerns serious enough to require remedies or conditions. In merger review practice, unconditional approval usually indicates that either market shares were not high enough to raise a substantial lessening of competition concern, overlaps were not materially problematic, or potential concerns were mitigated through market structure and the ability of customers to switch. Without detailed reasoning in the public materials, it is not appropriate to speculate further. The key analytical point is that the deal was reviewed and cleared unconditionally, suggesting no material competition barrier arose in that jurisdiction.

In Cyprus, the Commission for the Protection of Competition issued a public notice confirming receipt of a concentration notification relating to the acquisition . This illustrates the multi-jurisdiction filing footprint created by cross-border logistics deals, where turnover thresholds and nexus rules can trigger review even in jurisdictions that are not the headline base of either party. It also indicates that deal execution required coordination across multiple regulatory timelines.

The scope described by Latham also signals a wider legal perimeter. References to US HSR analysis, foreign direct investment considerations, data privacy and IP, and Hong Kong financial regulatory matters suggest that the transaction required broader compliance workstreams than a typical private acquisition. In particular, foreign investment screening and data-related issues have become more prominent in infrastructure-adjacent sectors such as logistics, where operations can be strategically sensitive and data intensive.

Impact on Transaction Value

Nothing in the public record suggests these issues were deal blocking. South Africa approved unconditionally, which implies the authorities did not require remedies that would have constrained DP World’s strategic objectives. However, multi-jurisdiction regulatory processes can affect value even when not deal blocking. They can introduce timing risk and transaction costs because completion must be coordinated with approvals. They can also constrain operational flexibility post-closing if ongoing governance requirements shape how integration is implemented.

The listed-company element through CN Logistics introduces a specific type of value constraint and discipline. If DP World group entities engage in significant commercial arrangements with CN Logistics, those arrangements may be scrutinised under connected transaction frameworks depending on scale and relationship. This can require disclosure, approval processes, or independent governance steps. From a value perspective, this can constrain the speed at which certain synergies are captured, but it can also enhance transparency and reduce governance risk if managed well. The net impact on value therefore depends on whether governance discipline is treated as an integration constraint or as a mechanism for building market confidence.

Deal Implications

The regulatory footprint signals an important trend for logistics M&A. As port operators acquire service layers and forwarding capability, regulators may evaluate transactions not only as infrastructure combinations but as service-market consolidations. This implies that DP World and similar platform builders will increasingly need to manage competition processes in jurisdictions where they already have logistics services footprints, especially where overlaps exist.

The CN Logistics governance perimeter also implies that post-closing behaviour matters. Even after completion, how DP World structures intra-group arrangements involving CN Logistics may influence market perception, minority shareholder confidence, and reputational standing. Examples of the types of arrangements that may become relevant include agency agreements, forwarding allocations, shared services, or operational integration contracts. The key is not that such arrangements are inherently problematic, but that they may require transparent pricing, governance oversight, and compliance steps. In practical terms, this can shape integration design and encourage structured, documented synergy capture rather than informal operational blending.

Success and Market Reception:

Given the undisclosed purchase price and the relative recency of completion, success should be assessed using early indicators rather than long-run financial metrics.

From DP World’s perspective, the acquisition appears successful in execution and strategic coherence. The transaction completed within the year of announcement, and DP World publicly framed it as expanding its logistics offering into retail and fashion logistics , indicating the acquisition met the strategic intent described at announcement. The absence of publicly reported regulatory remedies suggests the deal was not materially constrained at closing by competition enforcement actions in the jurisdictions where public outcomes are visible.

Another early signal is integration approach. DP World stated that integration would occur over the following months and emphasised continuity. The retention of John Lau in a senior role supports this continuity narrative. In logistics services, the risk of integration is often customer churn caused by service disruption, cultural disruption, or loss of key relationship managers. Retaining leadership can therefore be read as a mitigation strategy designed to preserve relationship capital and operational discipline. While public materials do not provide customer retention numbers, DP World’s choice to highlight continuity indicates it understood the service sensitivity of the asset.

However, a balanced assessment must recognise limits. Without a disclosed price, it is not possible to evaluate whether DP World acquired Cargo Services at an attractive valuation relative to earnings or revenues. Similarly, without disclosed post-integration operational metrics, it is not possible to measure synergy capture, such as increased forwarding volumes, improved lead times, or increased cross-selling revenue. The most defensible conclusion is therefore that the deal appears successful so far as an execution step and strategic move, while the ultimate success test will depend on integration outcomes and the ability to scale origin capability without governance or reputational issues arising through the CN Logistics listed-company perimeter.

Industry Impact:

The core industry impact is that this deal reinforces vertical integration and consolidation in logistics. Infrastructure owners are moving upstream into origin services and forwarding to become end-to-end coordinators rather than single-node operators. This increases competitive pressure on standalone forwarders that lack infrastructure-linked platforms, and it accelerates a trend where scale and data become key differentiators.

In terms of asset maturity, Cargo Services represents a mature operational service platform rather than a development-stage asset. Its value lies in origin networks, execution workflows, and sector-specific know-how. DP World’s infrastructure base is also mature. The combination therefore reflects integration of operational capability rather than speculative development.

Licences, permits, and concessions are not prominent in the public deal narrative for Cargo Services, but logistics operations commonly require local operational permissions, customs compliance registrations, and jurisdiction-specific regulatory compliance. These details are not clearly disclosed in the main public deal materials. As a result, the most defensible approach is to treat licensing risk as a background operational compliance matter rather than a disclosed deal driver.

Revenue model considerations differ between the parties. DP World’s infrastructure assets can be volume sensitive and capital intensive, and in some jurisdictions may be subject to pricing or regulatory oversight. Cargo Services’ revenue is more likely service fee based, tied to volumes and customer contracts. From an industry impact perspective, this acquisition therefore increases DP World’s service revenue share and potentially diversifies its exposure away from pure terminal-linked volume cycles. This supports a broader sector trend where infrastructure owners aim to stabilise revenue through higher service-layer penetration.

Government influence and public interest scrutiny remain relevant because DP World is state-linked through Dubai and the logistics and ports sector sits close to national infrastructure and trade policy. Even where this specific transaction was not publicly controversial, the sector is strategically sensitive. This implies that future similar transactions may be scrutinised through national security, supply chain resilience, or public interest frameworks, depending on jurisdiction.

Environmental compliance obligations are not clearly described in the public deal materials for this transaction. Logistics operations can create environmental exposures in warehousing and transport operations, but there is no disclosed evidence that decommissioning or remediation obligations were a deal focus here. The deal’s industry impact is therefore better framed around governance and competition dynamics than around environmental remediation.

Project finance or SPV ring-fencing is not clearly disclosed as part of the transaction structure. However, the use of DP World Logistics FZE as the acquisition vehicle suggests a corporate structuring approach that can support regulatory filings and ring-fencing as needed. The clearest change-of-control implication in this deal relates not to lender consents, but to governance and compliance implications created by the CN Logistics listed-company dimension.

Overall, the industry impact is that this transaction strengthens the signal that logistics M&A is moving toward platform consolidation. Firms that can coordinate origin operations, forwarding, and infrastructure access will likely be better positioned to win customers seeking resilience and visibility in volatile trade environments.

House View and Future Implications:

At present, the deal appears strategically coherent. DP World acquired a target that strengthens upstream origin capability and forwarding execution in Greater China and supports its sector-led expansion into retail and fashion logistics. DP World’s early signals, including emphasis on continuity and leadership retention, align with a cautious integration approach designed to preserve customer relationships and operational discipline.

The central uncertainty is execution. Success will depend on whether DP World can convert Cargo Services’ origin capability into scalable growth and cross-selling without disrupting service delivery. In logistics, integration failures often manifest as customer churn, service inconsistencies, and breakdowns in coordination between upstream origin operations and downstream forwarding teams. DP World’s stated integration approach suggests awareness of these risks, but public materials do not provide measurable KPI outcomes yet.

The CN Logistics dimension adds an additional constraint and opportunity. As controlling shareholder, DP World must manage governance, disclosure, and related-party expectations. Connected transaction frameworks may influence how DP World structures commercial arrangements involving CN Logistics. Examples of arrangements that could become relevant include agency agreements, service allocations, shared services, or operational integration contracts. The key issue is not the existence of such arrangements, but whether they are transparently documented, appropriately priced, and governed in a way that protects minority shareholders and maintains market confidence. If handled well, the listed-company dimension can enhance transparency and provide strategic optionality. If handled poorly, it can create governance and reputational risk that undermines strategic benefits.

From an industry perspective, the deal signals continued consolidation toward end-to-end logistics platforms. That is likely to intensify competition. Standalone forwarders may face pressure as infrastructure-linked players bundle services and offer more integrated solutions. Regulatory scrutiny may also evolve. As infrastructure owners deepen service market presence, regulators may increasingly assess logistics M&A through service-market competition lenses rather than viewing transactions as infrastructure-only expansions.

Emerging risks include integration execution risk, governance and reputational risk linked to CN Logistics oversight, and macro risk driven by volatile trade conditions. Plausible mitigation strategies include phased integration, retention of key management and operational teams, investment in technology and visibility systems, and robust governance structures for any intra-group arrangements involving CN Logistics. If DP World manages these risks effectively, the acquisition may serve as a blueprint for further vertical integration moves aimed at capturing a larger share of the supply chain and strengthening resilience across cycles.

Conclusion:

DP World’s acquisition of the Cargo Services Seafreight business represents a strategically coherent step in its evolution from a port and terminal operator into an integrated supply chain partner. The transaction combined a private acquisition with a listed-company control dimension through CN Logistics, creating both operational integration opportunities and a more complex governance and disclosure environment.

Even without publicly disclosed consideration, the deal remains analytically valuable because it illustrates how modern logistics M&A is driven by platform-building strategies and shaped by multi-jurisdiction regulatory processes. South Africa’s merger clearance and Cyprus’ notification process underline the regulatory footprint that cross-border logistics deals can generate beyond the home jurisdictions of the parties. Whether the acquisition ultimately succeeds will depend on DP World’s ability to execute integration, preserve service continuity, and manage the CN Logistics governance perimeter in a way that maintains market confidence while enabling strategic value capture.

References:

1. DP World (2024). DP World enters retail and fashion logistics. [online]. Available at:https://www.dpworld.com/en/news/dp-world-enters-retail-and-fashion-logistics

2. Freshfields Bruckhaus Deringer (2024). Freshfields advises DP World on its acquisition of Cargo Services Seafreight.

[online]. Available at: https://www.freshfields.com/en/our-thinking/news/news-search/2024/04/freshfields-advises-dp-world-on-its-acquisition-of-cargo-services-seafreight

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4. Benny, J (2024). DP World completes acquisition of Hong Kong-based supply chain provider. The National. [online]. Available at: https://www.thenationalnews.com/business/economy/2024/09/02/dp-world-completes-acquisition-of-hong-kong-based-supply-chain-provider/

5. Latham & Watkins (2024). Latham advises CS Logistics Holdings Ltd on sale of Cargo Services Group to DP World[online]. Available at:https://www.lw.com/en/news/2024/09/latham-advises-cs-logistics-holdings-ltd-on-sale-of-cargo-services-group-to-dp-world

6. BDA Partners (2024). BDA advises Toll Group on sale of minority stake in Cargo Services to DP World. [online]. Available at: https://www.bdapartners.com/news/bda-advises-toll-group-on-sale-of-minority-stake-in-cargo-services-to-dp-world

7. Competition Tribunal of South Africa (2024). DP World Logistics FZE v Cargo Services Seafreight Limited (LM046Jun24) [2024] ZACT 16. [online]. Available at: https://www.saflii.org/za/cases/ZACT/2024/16.html

8. Commission for the Protection of Competition (Cyprus) (2024). Notification of a concentration concerning the acquisition of share capital of Cargo Services Seafreight Limited by DP World Limited, via DP World Logistics FZE.                      [online]. Available at:https://www.competition.gov.cy/competition/Competition.nsf/All/F67C83ED63B51427C2258B3A00294572?OpenDocument=&print=

9. World Ports Organization (2024). DP World completes Cargo Services acquisition. [online]. Available at:https://www.worldports.org/news/dp-world-completes-cargo-services-acquisition