Wilh. Wilhelmsen ASA

Wilh. Wilhelmsen Holding ASA: Wilhelmsen acquires Drew Marine Technical Solutions

The Wilhelmsen group has signed an agreement to acquire the

technical solutions business from Drew Marine. The acquired

business will be brought into Wilhelmsen Ships Service once

the transaction is complete.

"This acquisition offers a unique opportunity to enhance the

scale and geographic reach of our marine products division,"

says Thomas Wilhelmsen, group CEO at Wilhelmsen about the

deal with a purchase price of around USD 400 million.

In addition to realising operational benefits, the

acquisition is expected to result in a USD 150 million

increase in annual total income for Wilhelmsen Ships

Service. The acquisition further provides a complementary

set of competencies, customers as well as a flexible

production network to the group. This builds scale and

significantly improves the utilisation of the global

distribution network in ships service.

As part of the transaction, the business, people and

competence in Drew Marine Technical Solutions will be

transferred to Wilhelmsen. Approximately 400 Drew Marine

employees will join Wilhelmsen Ships Service upon completion

of the transaction.

"The acquisition strengthens our position as a comprehensive

supplier serving the global merchant fleet. Stronger

technical competence in combination with higher volumes and

efficiency, offers our collective customers and partners

attractive benefits in the time to come," supplements

Wilhelmsen.

The transaction will be financed by using existing credit

facilities, available cash and new facilities.

The final closing of the transaction is subject to

regulatory approvals. If approval from relevant bodies is

not received, the parties have agreed on a termination fee

of USD 20 million.

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