DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (P&O Ferries) in a deal valued at £322m ($421m).

In 2006, DP World acquired P&O Ferries but sold off some assets to Dubai World, its major shareholder.

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At that time, DP World won a three-month battle to assume control of P&O Ferries, after the withdrawal of PSA in Singapore.

DP World’s latest acquisition is part of its efforts to expand beyond its core ports business, Reuters reported.

With the acquisition, the company is expected to meet its return targets. The P&O Ferries deal is set to be earnings accretive from the first full year of consolidation.

DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We are pleased to announce the return of P&O Ferries back into the DP World family.

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“Importantly, P&O Ferries provides efficient European freight connectivity building on last year’s acquisition of Unifeeder.

“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.”

“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.”

Subject to customary completion conditions, the deal is expected to close in the first half of this year.

P&O Ferries comprises roll-on/roll-off (Ro-Ro) ferries operation, while European transportation and logistics solutions provider P&O Ferrymasters offers supply chain solutions in 19 European locations.

The company operates a fleet of 21 vessels in the short sea, North Sea and the Irish Sea sectors across 11 ports. It handles more than 2.5 million freight units per year.

For the 2017 fiscal year, P&O Ferries reported a £1.1bn ($1.4bn) return, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to £100m ($131m).