Dubai-based DP World on Thursday announced the takeover of the Unifeeder Group, an integrated logistics company with connectivity to approximately 100 ports in Northern Europe.
Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, serving both deep-sea container hubs and the intra-Europe container freight market, DP World said in a statement.
The transaction valued at €660 million ($747 million) will enhance DP World’s presence in the global supply chain and broaden its services to customers, it added.
Unifeeder’s current operations are complementary to DP World’s existing business and offer future growth opportunities, it said.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: “We are delighted to close the Unifeeder acquisition and add their business to our portfolio. With Unifeeder, we are acquiring a leading port related logistics solutions provider in Europe as part of our strategy to grow in complementary sectors.
"This transaction is very relevant to our business and provides future growth opportunities, especially that feedering and shortsea/regional transports with smaller vessels have become more important for shipping lines with the use of larger vessels by shipping alliances.
"Both DP World and Unifeeder businesses operate under the same common-user principle, which is a strong value proposition to our customers and we look forward to joining our expertise to make the global supply chain more efficient and cost effective."
He added: “Our core business is and will continue to be the container terminal, but this acquisition fits with our strategy to diversify our revenues and extend our core business to play a wider role in the global supply chain and connect directly with cargo owners and aggregators of demand, ultimately improving the quality of our earnings and driving returns.”
Jesper Kristensen, CEO, Unifeeder, said: “We are excited to be part of the DP World Group and we look forward to leveraging their expertise to accelerate growth and take the the business to the next level.”
Founded in 1977, Unifeeder reported revenue of €510 million in 2017.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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