DP World PLC has acquired the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries).
The company has paid GBP 322 mn (EUR 370.2 mn) for the British ferry operator.
P&O Ferries
P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters. P&O Ferries operates a fleet of 21 vessels on the Short Sea, North Sea and Irish Sea sectors across 11 ports whilst P&O Ferrymasters provides supply chain solutions in 19 European locations. P&O Ferries handles over 2.5 mn freight units per year, which accounts for approximately 75% of group revenues.
DFSA Market Rules
The transaction is subject to customary completion conditions and is expected to close in the first half of 2019. As the acquisition is considered a related party transaction under the DFSA Market Rules, DP World will comply with the relevant requirements of DFSA Market Rule 3.5.3.
Trade Enabler
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: 'We are pleased to announce the return of P&O Ferries back into the DP World family. P&O Ferries is a strong, recognisable brand and adds a best-in-class integrated logistics provider into our global portfolio. Importantly, P&O Ferries provides efficient European freight connectivity building on last year’s acquisition of Unifeeder. This transaction is in line with our strategy to grow in complementary sectors, strengthen our product offering and play a wider role in the global supply chain as a trade enabler.'
Picture: PO Ferries Pride Of Canterbury (by Paul Smith).
