DP World buys Britain-based P&O Ferries for £322 million

DP World buys Britain-based P&O Ferries for £322 million
Terminal tractors line up to offload their containers into a cargo ship at DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. REUTERS/ Hamad I Mohammed   -  Copyright  HAMAD I MOHAMMED(Reuters)
By Reuters

DUBAI (Reuters) – DP World has bought Britain-based P&O Ferries and its logistics arm for 322 million pounds, the Dubai-based port operator said on Wednesday.

P&O Ferries operates more than 30,000 voyages a year between Britain, France, Northern Ireland, the Republic of Ireland, the Netherlands, and Belgium, according to its website.

P&O Ferrymasters, the logistics unit, provides supply chain solutions in 19 European locations, DP World said in a statement, adding that the deal was expected to close in the first half of the year.

It also said the acquisition was expected to be earnings accretive from the first full year of consolidation and meet DP World’s return targets.

Last week, DP World Chairman Sultan Ahmed Bin Sulayem said the indecisiveness of British politicians on the UK’s exit from the European Union was hampering the company’s ability to plan for their UK operations.

DP World, one of the world’s largest port operators, operates London Gate and a container terminal at Southampton port.

(Reporting by Alexander Cornwell; Editing by Subhranshu Sahu)

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