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DUBAI: February 20, 2019. DP World has reacquired the holding company of P&O Ferries and P&O Ferrymasters for £322 million. The purchase is expected to close in the first half of this year.

P&O Ferries operates a fleet of 21 vessels on cross-Channel, North Sea and Irish Sea routes linking 11 ports while P&O Ferrymasters provides supply chain solutions in 19 European locations.

Tilbury PO TerminalThe ferry business handles over 2.5 million freight units per year and accounts for 75 percent of group revenues that totalled US$1.4 billion in 2017 for an EBITDA of US$131 million.

DP World Group chairman and CEO Sultan Ahmed Bin Sulayem commented: “We are pleased to announce the return of P&O Ferries back into the DP World family. P&O Ferries is a strong, recognisable brand and adds a best-in-class integrated logistics provider into our global portfolio.

“Importantly, 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.”

DP World originally acquired the British P&O Group in 2006 at a cost of £3.3 billion. Founded in 1840, Queen Victoria granted a royal charter to the company to carry freight and mail throughout Britain’s empire.

In January this year the ferry company announced it was to transfer the registry of its six cross-Channel ferries from the UK to Cyprus due to the continued political uncertainty surrounding a post-Brexit Britain.

In April 2016 DP World was awarded a 25-year concession to manage the three-quay, multi-purpose terminal in Limassol, Cyprus. In addition to a new passenger facility capable of handling the world’s largest cruise ships, operations include break-bulk, general cargo, RoRo, and oil & gas services.

The company says it wants to improve the port’s prospects for the long term, leading to job creation and better services for the wider Cypriot business community.

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