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DP World Buys Shortsea Operator Unifeeder

Dubai-based port operator DP World is to acquire Unifeeder Group, the largest Pan-European feeder and shortsea operator. 

On August 7, DP World signed the agreement to acquire 100% of Unifeeder for EUR 660 million (around USD 763.6 million) from the company’s majority owner, Nordic Capital Fund VIII, and certain minority shareholders.

The acquisition is subject to regulatory approvals and expected to be earnings accretive in the first full year after completion. It will be financed from existing balance sheet resources and is expected to close in 4Q 2018 says a DP World statement.

Unifeeder will continue to operate on a fully independent, multi-user basis under its current existing management, and expects to see additional growth as a consequence of the transaction, according to the company.

With the acquisition, DP World expects to enhance presence in the global supply chain and broaden its product offering with a view to ultimately reduce inefficiencies and improve the competitiveness of global trade.

Commenting on the acquisition, Sultan Ahmed Bin Sulayem, DP World’s Group Chairman and CEO, said:“We are delighted to add the Unifeeder brand under the DP World umbrella, which supports 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.”

“The ever-growing deployment of ultra-large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe. Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders,” Bin Sulayem added.

“We are excited to join the DP World Group as we believe that Unifeeder will benefit from the Group’s significant expertise in the wider supply chain and excellent relationships with shipping lines and end cargo owners,” Jesper Kristensen, CEO of Unifeeder A/S, said.

“We have enjoyed great success over the last five years under Nordic Capital’s ownership, and we believe that the Unifeeder brand within the DP World Group has the opportunity to accelerate growth, expand further and take the business to the next level,” Kristensen continued.

Based in Aarhus, Denmark, Unifeeder operates approximately 60 short-term chartered vessels, carrying around 3.2 million TEUs and performing some 12,000 port calls annually. The company provides transport solutions for international container shipping lines between international and regional ports and shortsea services to cargo owners with fully multimodal door-to-door solutions, combining seaborne transportation with road and/or rail.

 

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