DP World's bid to buy P&O Ferries and P&O Ferrymasters
The Dubai-based terminal operator has put on the table £322m with the aim of purchasing the holding company owning the ferry operator and the logistics service provider.
The transaction is subject to customary completion conditions. DP World expects to close the deal in the first half of 2019.
The Dover-headquartered P&O Ferries currently has at its disposal a fleet of 21 vessels that altogether call to 11 ports in the North and Irish Seas. P&O Ferrymasters provides supply chain solutions in 19 European locations.
Both companies were already part of DP World, when the terminal operator bought the P&O Group in 2006. They were soon afterwards taken over by Dubai World."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," Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said.