DP World acquires controlling stake in Switzerland’s NovaAlgoma

DP World buys into NovaAlgoma, venturing into cement logistics: DP World subsidiary P&OMaritime Logistics inked a definitive agreement to buy a controlling stake in Swiss-logistics firm NovaAlgoma Cement Carriers’ (Nacc) core business for an undisclosed sum, according to a press release. The transaction — which is set to wrap up in the coming months pending regulatory approvals — excludes Nacc’s interests in Northern Europe, Indonesia and Greece.

Post-acquisition plans: The sellers will retain a minority stake in the JV following the acquisition, with plans to keep Nacc’s current leadership unchanged.

What does Nacc do? Nacc is a JV between Switzerland’s Nova Marine Holding and Canada’s Algoma Central Corporation, and operates a fleet of pneumatic cement carriers.

The transaction aims to expand DP World’s reach in breakbulk and dry-bulk, especially infrastructure cargo, while ramping up its end-to-end logistics capabilities in key growth markets including North America, Europe, South Asia and the Caribbean, the release said. The transaction combines DP World’s “global reach and scale” with P&O’s |technical and market expertise,” DP World Group Chairman and CEO Sultan Ahmed bin Sulayem said.

OTHER M&A NEWS-

ADIA to offload stake in UK ins. group PICG to Athora: The Abu Dhabi Investment Authority (ADIA) agreed to sell its entire 18.4% stake in Pension Ins. Corporation Group (PICG) — which it holds through a wholly-owned subsidiary — to Apollo- and ADIA-backed specialized life ins. group Athora Holding, according to a press release (pdf). The value of the transaction, which is due to close early next year, was not disclosed.

The sale is part of Athora’s USD 7.8 bn takeover of a subsidiary of PICG — Pension Ins. Corporation (PIC) — Reuters reported last week.

ADIA maintains exposure to PICG: ADIA is a long-term institutional investor in Athora, which means it will retain exposure to PICG after the sale. As of 2023, the sovereign wealth fund held roughly 19% of Athora. It first bought into the firm in 2018.