Published: 14:03, 22 February 2019
| Updated: 14:25, 22 February 2019
Ownership of P&O Ferries is changing hands.
The Dover-based company and its logistics arm P&O Ferrymasters are going to the Dubai-based global port operator DP World for £322 million.
A spokesman for P&O Ferries said: “We can confirm that the P&O Ferries division is in the process of being acquired from our current shareholder, Dubai World (an investment company), by our sister company, DP World."
The ferry operator said this move strongly complemented DP World's growing European business.
P&O is returning to that company after it was previously owned by it a decade ago.
A statement on the DP World website says that the transaction is subject to customary completion conditions and is expected to close in the first half of 2019.
Sultan Ahmed Bin Sulayem, group chairman and chief executive DP World, 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. Importantly, P&O Ferries provides efficient European freight connectivity.
" 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."
P&O Ferries, based at Channel House, Channel View Road, operates a fleet of 21 vessels on the English Channel, the Dover to Calais route, the North Sea and Irish Sea.
Six ships work the cross-Channel route and provide 23 daily sailings.
Meanwhile P&O Ferrymasters provides supply chain solutions in 19 European locations
P&O Ferries handles more than 2.5 million lorries a year,which accounts for approximately 75% of group revenues.
It reported full year 2017 revenues of £1.1 billion.
More by this authorSam Lennon