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DP World expands with purchase of UK’s P&O Ferries

Dubai-based port operator DP World has acquired the pan-European
logistics company P&O Ferries for a purchase consideration of GBP 322
million (USD 421 million).

The company said that the transaction implies a 2017 Enterprise
Value/EBITDA valuation multiple of 6.1x.
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 provides efficient European freight connectivity
building on last year’s acquisition of
Unifeeder. This transaction is in line with 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,” 
Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said.
P&O Ferries consists of roll-on roll-off (Ro-Ro) ferries operation
and a European transportation and logistics solutions provider, P&O
The company operates a fleet of 21 vessels on the Short Sea,
North Sea and Irish Sea sectors across 11 ports, while P&O Ferrymasters
provides supply chain solutions in 19 European locations.
World Maritime News

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