Global ports operator DP World, Dubai, has re-acquired UK-based transport and logistics company P&O Ferries for GBP 322 million (Dh 1,5 billion). Currently, DP World is seeking expansion into shipping-related sectors.
The acquisition is due to close in the first half of 2019, DP World announced. The purchase is expected to be earnings accretive in the first full year of consolidation as well as to meet the company's return targets.
In 2006, DP World bought P&O (including P&O Ferries) but sold the ferry shipping operator to emirate's holding company, its majority shareholder Dubai World, before going public in 2007 as DP World focused on container terminal operations.
As the growth strategy of the company has evolved to include a wider supply chain, it added back to its portfolio P&O Ferries. The company purchased the asset back from Dubai World.
The transaction is the latest sign of the global expansion drive of DP World into shipping-related business following the EUR 660 million (Dh2.75bn) acquisition of Unifeeder, Danish port-related logistics company, in 2017.