Norwegian Antitrust Authority did not approved the sale of the Norwegian company Nor Lines AS to Icelandic carrier Eimskip, latest released M&A Business News. According to Icelandic shipping group, it is a pre-trial detention, and the company can submit their counter proposal within 15 working days. Eimskip has signed an agreement to purchase the Norwegian shipping and logistics company Nor Lines in November 2016 for 16.6 million USD. Nor Lines network connecting 60 container terminals, including sea and inland shipping routes. Nor Lines operates a fleet of seven vessels, five of which should enter into a deal with Eimskip’s, to strengthen the network of the merged company, serving the transportation between Norway and continental Europe and the Baltic Sea region. According to Norwegian Antitrust Authority the acquisition will affect the competition on the market in Norway and will put Eimskip into dominant position in many regions of the country.
Eimskip recently aggressively invest in business development. In addition to the deal with Nor Lines, the company recently acquired 90% of the Dutch logistics company Extraco Internationale Expeditie B.V. and 80% of the Belgian company Mareco N.V., specializing in the transportation of refrigerated cargo. Eimskip entered into a strategic partnership agreement with Greenland Royal Arctic Line and plans further acquisitions and investments in the fleet to increase its market share.
Eimskip the oldest shipping company in Iceland. The company has services connecting Iceland with Greenland, Canada, Scandinavian countries and Western Europe.
More about acquisition:
Eimskip acquired Norwegian Nor Lines [03/11]