August 30 - The Norwegian competition authority has approved Samskip's acquisition of Nor Lines.
As HLPFI reported last month, the transaction forms part of Samskip's expansion of its shipping, transport and logistics businesses in Norway, and will include terminal activities, warehousing and haulage services.
Samskip claims the acquisition will generate an average annual turnover of EUR110 million (USD131 million), with the transaction expected to be completed in the next few days.
Post-acquisition, Nor Lines, which has 14 locations throughout Norway, will continue to operate under the Nor Lines brand name.
Five out of Nor Lines' seven multipurpose vessels will be transferred under a time charter arrangement to Samskip.