Maersk sells Norfolkline to DFDS for US$496 million

THE AP Moller - Maersk Group has announced that an agreement has been reached for DFDS to purchase 100 per cent of its shares in logistics and ferry company Norfolkline.

The total value of the deal is EUR346 million (U$495.88 million), which includes the AP Moller-Maersk Group obtaining 28.8 per cent of the shareholding in DFDS. In addition, the AP Moller-Maersk Group will buy shares in DFDS from Lauritzen Fonden, bringing the group's total shareholding in DFDS to 31 per cent, a Maersk statement said.

The deal excludes two of Norfolkline's vessels, which the AP Moller-Maersk Group has agreed to sell to another buyer.

"There has been a need for consolidation in the European ferry industry and the combination of Norfolkline and DFDS will create Northern Europe's leading ferry operator, spanning from Russia to Ireland, with 6,200 employees and a fleet of 75 vessels prior to the sale of the two Norfolkline vessels. Being a large shareholder in DFDS will create value for the AP Moller-Maersk Group and is in line with the group's strategy to focus on core activities," a Maersk statement said.

DFDS and Norfolkline show revenues of EUR1. 4 billion and EBITDA of EUR139 million.

(Source: www.schednet.com)