DP World on Wednesday announced that it has acquired the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries), the leading European transportation and logistics provider.
The transaction’s total cost amounted to $421 million, according to the company’s statement.
“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,” DP World chairman Sultan Ahmed Bin Sulayem commented.
P&O Ferries operates a fleet of 21 vessels on the Short Sea, North Sea and the Irish Sea sectors across 11 ports, while P&O Ferrymasters provides supply chain solutions in 19 European locations.
The logistics provider handles over 2.5 million freight units per year, representing 75% of group revenues, the statement said.
“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,” Bin Sulayem added.
The transaction is subject to customary completion conditions, and it is expected to be completed during the first half of 2019.