Denmark's A.P. Moller buys Norwegian ship leasing company Ocean Yield
Denmark's A.P. Moller buys Norwegian ship leasing company Ocean Yield OSLO, July 2 (Reuters) - A subsidiary of Denmark's A.P. Moller Holding has agreed to acquire Norwegian ship leasing company Ocean Yield from funds managed by private equity firm KKR KKR.N for an undisclosed sum, the companies said on Thursday.
Oslo-headquartered Ocean Yield owns interests in more than 70 vessels, including gas carriers, container ships, LNG carriers, tankers and dry bulk vessels.
"We see Ocean Yield's business model, with its stable cash flow, as an excellent complement to our existing maritime portfolio," A.P. Moller Holding's Chief Financial Officer Martin Larsen said.
Ocean Yield has invested more than $3 billion since 2021, expanding its fleet portfolio and customer base, while nearly doubling its contracted revenue backlog to more than $5 billion, according to the companies.
Ocean Yield Chief Executive Andreas Roede said the company had developed into a globally diversified maritime leasing platform with long-term contracted cash flows and a modern fleet during its period under private ownership.
KKR will remain a strategic partner to Ocean Yield through their joint investment in CapeOmega Gas Transportation AS.
(Reporting by Nerijus Adomaitis; Editing by Essi Lehto and Joe Bavier)
((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net/))
Recent news on AP Moeller - Maersk A/S
See all newsDenmark's A.P. Moller buys Norwegian ship leasing company Ocean Yield
Brief: KKR Says AP Moller To Buy 100% Of Ocean Yield From Co
Return to normal in Hormuz strait to take months, CMA CGM tells Les Echos
Brief: Maersk Says Commercial Operations At La Guaira Port Not Yet Authorized To Resume
Maersk shares rise 5% after FY guidance hike