One of the UK’s largest port groups Peel Ports Group is reported to have acquired Great Yarmouth Port Company Limited from International Port Holdings.
The value of the deal is said to be GBP 50 million (USD 74.9 million), local media report.
International Port Holdings decided to sell its stake in Great Yarmouth after eight years of running the port.
The port specializes in providing services to the offshore oil and gas industry, but also caters for the needs of the offshore wind industry and ships transporting bulk and general cargoes.In its last annual accounts, it reported revenue of GBP 10.9 million and an operating profit of GBP 4.5. million.
According to Mark Whitworth, Chief Executive of Peel Ports, the expansion will target among other things decommissioning of gas rigs located in the southern part of the North Sea.
“The acquisition is fully aligned with our aspirations and strengthens Peel ports as a leading UK Ports Group,” he added.
Privately-owned Peel Ports Group is the second largest port group in the UK, handling over 70 million tonnes of cargo per year and has 15% of the UK’s total port traffic moving through its waters. The group owns which also owns Liverpool and Glasgow docks.
World Maritime News Staff