The transaction is subject to customary completion conditions and is expected to close in the first half of 2019.
Wednesday 20, February 2019 BY KUDAKWASHE MUZORIWA
Dubai’s DP World has bought Britain-based P&O Ferries and its logistics arm for GBP 322 million ($421 million).
In a statement, DP World stated the acquisition is considered a related party transaction under the DFSA Market Rules, DP World will comply with the relevant requirements of DFSA Market Rule 3.5.3.
Sultan Ahmed Bin Sulayem, the Group Chairman and CEO of DP World, said, “We are pleased to announce the return of P&O Ferries back into the DP World family.
P&O Ferries operates between Britain, France as well as Northern Ireland, the Republic of Ireland and the Netherlands
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 Ferrymasters, the logistics unit provides supply chain solutions in 19 European locations.