US retail giant Wal-Mart has sold its UK-based logistics arm Gazeley to Dubai World. The financial details were not disclosed. The purchase was carried out through Economic Zones World (EZW), a Dubai World company. Dubai World is an investment company that manages a range of businesses for the government of Dubai.
US retail giant Wal-Mart has sold its UK-based logistics arm Gazeley to Dubai World. The financial details were not disclosed. The purchase was carried out through Economic Zones World (EZW), a Dubai World company. Dubai World is an investment company that manages a range of businesses for the government of Dubai.
EZW said the acquisition would allow it to expand its reach into international markets. 'Gazeley will provide EZW with successful and established operations in the UK and Europe, as well as additional growth opportunities in emerging markets including China, India and Mexico. Gazeley also brings proven management expertise into EZW,' the company said in a statement.
EZW is a large and growing operator and developer of 'economic zones' globally. It developed and operates the 48 square kilometre Jebel Ali Free Zone of integrated logistics and distribution facilities adjacent to Jebel Ali Port in Dubai.
Gazeley has to date developed created more than 5.6 million square metres of high-quality logistics warehouse space.
Sultan Ahmed Bin Sulayem, chairman of Dubai World, said: 'This is an outstanding acquisition for EZW and a milestone in our global expansion strategy. It will ensure a leap in the qualitative services provided to our customers worldwide, thus enhancing our position as a strong and effective global business partner.'
The parties said they expected to receive European regulatory approval for the deal to enable completion in July.
EZW was advised by a team led by Deutsche Bank and including Linklaters, KPMG, CBRE and WSP. UBS was the financial adviser to Wal-Mart.
