Norwegian Authority Objects Eimskip's Acquisition of Nor Lines

Photo: Eimskip

By Aiswarya Lakshmi

The Norwegian Competition Authority has today given
a notice of an objection to Eimskip's acquisition of the
Norwegian shipping and logistics company Nor Lines
AS.

The notice reflects the Authority's preliminary conclusion, and
Eimskip has 15 business days to present counterarguments.

A final decision will be made by the Authority after another 15
business days. Eimskip is evaluating next steps with its legal
advisors.

In last November, Eimskip has entered into an agreement to
acquire the Norwegian shipping and logistics company Nor Lines.
Nor Lines is a strategic fit in Eimskip's core market and the
overall transaction is asset-light.

The operation of Nor Lines has been challenging over the past
years and the business will be restructured in order to improve
the company's services and profitability by aligning it with
Eimskip's current operations in Norway.

The acquisition will give Eimskip an opportunity to offer broader
value added services to its customers. Norwegian exporters and
importers will also benefit from the synergy between the liner
services of the two companies.

The estimated annual turnover of Nor Lines amounts to
approximately EUR 110 million and the company has about 200
employees. The acquisition is financed with cash.

Feb 20, 2017

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