DP World acquires P&O Ferries
DP World has re-acquired P&O Ferries for £322 million from Dubai World, a decade after it sold the operaor to the emirate's state holding company.
DP World originally acquired P&O Ferries in 2006 but sold off some of its asets, including P&O Ferries to Dubai World, during the financial crisis.
DP World’s Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: “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.
“P&O Ferries has delivered a robust performance in recent years and we aim to drive further value through increasing efficiencies and offering value-added solutions to our customers. Overall the transaction offers compelling value strategically and financially, and we look forward to P&O Ferries contributing to driving shareholder value in the coming years.”
DP World confirmed that P&O Ferries currently operates a fleet of 21 Ro-Ro 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 more than 2.5 million freight units per year which accounts for approximately 75% of group revenues. It recorded revenues of £1.1 billion for 2017.
DP World operates two deep water ports in the UK – DP World Southampton and DP World London Gateway.
The transaction, which is subject to the usual customary completion conditions, is expected to close in this half year.
Posted on: February 20th 2019