DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of US$421 million.
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 Ferry masters.
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 Ferry masters provides supply chain solutions in 19 European locations.
P&O Ferries handles over 2.5 million freight units per year, which accounts for approximately 75% of group revenues.
P&O Ferries reported FY2017 revenues of $1.4 billion.
The transaction is subject to customary completion conditions and is expected to close in the first half of 2019.
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.
“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.”
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