The takeover will boost Samskip’s terminal, warehousing and haulage services in Norway, but is still subject to approval by Norway’s competition authorities.
Samskip will acquire Nor Lines AS, thereby boosting the company’s shipping, logistics and transport activities in Norway, Samskip said in a statement.
Financial terms of the deal were not disclosed, but the takeover, which is subject to approval by Norway’s competition authorities and moderated by DSD Group, will add 110 million euros (U.S. $127.8 million) to Samskip’s annual turnover, according to company estimates.
“The Nor Lines takeover represents a major opportunity for Samskip,” said Ásbjörn Gíslason, chief executive officer of Samskip Logistics. “It is a natural but significant extension of our shipping and logistics activities in Norway which will further broaden our customer offerings. Nor Lines’ financial performance has been disappointing in recent years, but we are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services.”
Nor Lines is based in Stavanger and handles terminal activities, warehousing and haulage services. Five of its seven multi-purpose vessels will be transferred under a time charter arrangement to Samskip. Nor Lines will continue to operate under its brand name, said Samskip.
“We are pleased to complete our divestment of Nor Lines and entrust the business to Samskip, in a strategic solution for a specialized business that needs to be part of a larger structure to develop and thrive. We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers,” said Ingvald Løyning, chief executive of DSD.
The Nor Lines takeover is the latest of a string of Norwegian acquisitions, with Samskip most recently acquiring a half interest in reefer transport specialist Silver Sea, formerly known as Silver Green. Prior to that, Samskip acquired short-sea transport operator Euro Container Lines AS last summer.
Samskip to acquire Nor Lines AS
