The DP World’s subsidiary P&O Maritime acquired the Spanish port services provider Reyser from Berge y Cia. The value of the transaction is less than 475 million USD, but exact amount was not revealed, as according to the statement it is less than 5% of the value of the net assets of DP World, which at the end of 2016 was estimated at 9.52 billion USD. Spanish company Reyser owns a fleet of 151 ships, including 20 tugboats, 53 mooring boats, 5 bunker vessels and 73 ships carrying out environmental escort. The company has long-term agreements with 10 Spanish ports and contracts with two LNG terminals – in the port of Saint John in Canada and on the island of Trinidad.
“This transaction will strengthen our position in the Spanish market, while ensuring access to new geographic regions, and will offer significant opportunities for diversification and development of our business”, said the Managing Director of P&O Maritime, Captain Rado Antolovic.
DP World has been on an acquisition spree in the past few years. Last year it raised its stake in Pusan Newport Company, a terminal in South Korea, becoming its largest stakeholder.
“The decision on the deal was made within the strategy of the company providing for the expansion of business in the related sectors with logistics”, said head of DP World Group, Sultan Ahmed bin Sulayem.
DP World operates multiple related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions. It has a portfolio of 77 operating marine and inland terminals. The container handling is the company’s core business and generates more than three quarters of its revenue. In 2015, DP World handled 61.7 million TEU (twenty-foot equivalent units).