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COPENHAGEN: April 18, 2018. European short-sea RoRo operator DFDS is acquiring all but 1.2 percent of Turkish intermodal operator U.N. Ro-Ro for €950 million.

Subject to Turkish, German and Austrian competition approval as well as Italian agreement to acquire U.N. Ro-Ro’s Trieste terminal, DFDS says it expects to close on the deal in in June 2018.

Port of Pendik IstanbulAcquired in 2014 by Actera Partnership and Esas Holding, the latter a major shareholder of Pegasus Airlines, U.N. Ro-Ro operates 12 ferries on five short-sea routes from Turkey to Italy and France that carried 202,000 trailers last year.

The company also operates two port terminals: Istanbul’s Port of Pendik (right) and the Port of Trieste. With 500 employees, 2018 revenue is forecast at €240 million with an EBITDA of €97 million.

“With the acquisition of U.N. Ro-Ro, we are expanding into one of Europe’s most attractive freight markets which is operationally similar to northern Europe,” said DFDS CEO Niels Smedegaard. “This gives us opportunity together with the existing strong management team to leverage our network, fleet, experience and skills to develop the business further while supporting the growth of U.N. Ro-Ro’s customers.”

DFDS says the Turkish company’s business model of carrying unaccompanied trailers on RoRo ships between Turkey and EU is identical to its North Sea operation. Other expected benefits from the combined organization include expansion of services to existing and potential customers; a larger platform for developing transport solutions in new regions; a single sales organization and more flexibility from a larger fleet.

“I am confident that the industry know-how, combined network capabilities and the financial strength of our new shareholder will allow U.N. Ro-Ro to enhance the competitiveness of Turkish exporters and international logistics companies,” added U.N. Ro-Ro CEO Selçuk Boztepe.

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