DP World buys back P&O Ferries for £322 million
Global port operator DP World has bought back P&O Ferries for £322 million.
The Dubai-based company originally purchased it back in 2006 but decided to sell during the height of the financial crisis.
Now, P&O Ferries and its logistics arm P&O Ferrymasters are being re-acquired from DP World’s largest shareholder, the state-run Dubai World.
“We can confirm that the P&O Ferries division is in the process of being acquired from our current shareholder, Dubai World (an investment company), by our sister company, DP World,” said a P&O Ferries spokesperson.
It’s expected that this sale will formally close in the first half of 2019, subject to customary completion conditions.
Another statement from P&O agreed that the move strongly complimented DP World’s growing European business.
“We are pleased to announce the return of P&O Ferries back into the DP World family,” said DP World group chairman and CEO Sultan Ahmed Bin Sulayem.
“P&O Ferries is a strong, recognisable brand and adds a best-in-class integrated logistics provider into our global portfolio.”
Source: Kent Online