The Norwegian Competition Authority has notified Samskip that the acquisition of activities associated with Nor Lines has been cleared.
The Norwegian Competition Authority found that the acquisitions would not result in a significant impediment to effective competition.
Last month Samskip agreed with the DSD Group to acquire the activities of Nor Lines to expand its shipping, transport and logistics businesses in Norway. This would generate an average annual turnover of €110 million (US$130 million). The transaction is expected to be completed in the next few days.
"We are very pleased that the Norwegian Competition Authority has cleared the Nor Lines takeover," said Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics. "It represents a major opportunity for Samskip; a natural but significant extension of our shipping and logistics activities in Norway to further broaden our customer offerings."
Samskip's presence in Norway has been significantly strengthened over the past years through internal growth and several acquisitions. Samskip's combined annual turnover after the Nor Lines takeover will make it a major player in the Norwegian market.