21FEB2019 - NEWS - Dubai based port operator DP World acquires logistics company P&O Ferries

Dubai based port operator DP World has recently acquired the pan-European logistics company P&O Ferries for a purchase consideration of USD 421 million. The acquisition is expected to be earnings accretive from the first full year of consolidation and is expected to meet DP World’s return targets. On a proforma basis, DP World’s net leverage as of the first half of 2018 would be 2.96x net debt to EBITDA with this acquisition compared to the reported 2.91x. The transaction is subject to customary completion conditions and is expected to close in the first half of 2019. P&O Ferries consists of roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters. The company operates a fleet of 21 vessels on the Short Sea, North Sea and Irish Sea sectors across 11 ports.

Published by Editor - www.Livebunkers.com at 21-Feb-2019 06:55:40 [UTC] , contact editor at editor@livebunkers.com