DP World is re-acquiring, for a reported £322M, P&O Ferries, from its parent Dubai World
DP World acquired P&O Ferries in 2006 but subsequently sold it to Dubai World.
Reuters reports today that DP World has announced it is buying back the company.
DP World said the P&O Ferries deal was expected to be earnings accretive from the first full year of consolidation and meet its return targets. The transaction is expected to close in the first half of this year, it said.
Last year DP World acquired Unifeeder, Europe’s biggest feeder operator and with a growing intra-European lo-lo presence. The acquisition of P&O Ferries, which includes the company’s multimodal logistics arm Ferrymasters, represent a further move to expand its network.
Among other matters, the purchase will expand DP World’s presence in the London shipping and logistics market, as it will have a ro-ro presence in Tilbury to go alongside its London Gateway container terminal and logistics park.
Forth Ports has just announced that has received planning consent to build Tilbury2, its new multimillion pound port terminal adjacent to the current 930 acre. When operational in Spring 2020, Tilbury2 will be the UK’s largest unaccompanied ferry port and the country’s biggest construction processing hub, with AEO trusted trader status.
Tilbury2 will comprise a ro-ro freight terminal in partnership with P&O Ferries. Also included in the consent is a strategic rail terminal which can accommodate the longest freight trains of 775m.