Tuesday, September 16, 2014
P&O Maritime buys majority stake in Spain's Repasa
P&O Maritime, a subsidiary of DP World, has acquired a majority stake in Spain's Remolcadores de Puerto y Altura (Repasa), according to a company statement.
Family-owned Repasa provides marine support services to the offshore energy industry.
The deal will create a new joint venture company under the P&O Maritime brand. The financial provisions of the agreement were not disclosed.
The joint venture will expand P&O Maritime's presence to include the Mediterranean and West Africa and enhance its liquefied natural gas portfolio.
"We have identified the LNG marine sector as one of our core businesses that will help us expand in the future," Rado Antalovic, Managing Director of P&O Maritime, said in the statement.
For more of the Reuters story: in.reuters.com
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