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DP World reunites with P&O Ferries in £322mln deal

"We are pleased to announce the return of P&O Ferries back into the DP World family"

Ports and ferries separated in 2006

Two parts of the old P&O empire are being reunited again with the acquisition of the Ferries and Ferrymasters business by DP World for £322mln.

Sultan Ahmed Bin Sulayem, DP World’s group chairman and CEO, said: "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.

Dubai-based DP World bought P&O’s ports operation in 2006, though subsequently, it had to sell the US assets due to national security concerns. The group makes more than 30,000 voyages a year across the Channel and the Irish Sea, while Ferrymasters provides logistics in 19 European locations.

P&O Ferries reported full-year 2017 revenue of US$1.4bn and earnings before interest, tax, depreciation and amortisation of US$131mln.

The deal will be earnings accretive from the first year of consolidation said Bin Sulayem.

“Importantly, P&O Ferries provides efficient European freight connectivity building on last year's acquisition of Unifeeder.”

The cruise arm of P&O was spilt out in 2000 and merged with Carnival in 2003.

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