DOF Group to acquire Maersk Supply Service for $1.11 bln (updated)

Dof ASA

02/07/2024 17:38

(Updates with details from statement second paragraph onwards.)
       July 2 (Reuters) - Norwegian supply shipping company DOF
Group  DOFG.OL  said on Tuesday it had entered into an agreement
to acquire a Maersk Supply Service (MSS) from Maersk Supply
Service Holding (MSSH)for $1.11 billion in a cash and stock
deal. 
    As part of the deal, DOF will pay $577 million in cash and
will issue new shares, making MSSH, a subsidiary of A.P. Moeller
Holding, an owner of 25% shares in the company, the statement
said. 
    Through the deal, the combined company is set to operate
under DOF's name and will be listed on the Oslo Stock Exchange,
the statement said, adding that it expects the deal to close 
during the fourth quarter of this year. 
    The company said it intends to finance the deal through a
new capital raise of $500 million, and will raise up to $125
million in equity. 
        
  
    

 (Reporting by Gursimran Kaur in Bengaluru; editing by David
Evans)
 ((GursimranKaur.Mehar@thomsonreuters.com;))