Det Norske Veritas Becomes DNV GL’s Majority Owner
- Business & Finance
Stiftelsen Det Norske Veritas has become the majority shareholder of classification society DNV GL.
On December 8, 2017, foundations Mayfair SE and Det Norske Veritas signed an agreement for the sale of Mayfair’s 36.5% shares in DNV GL to Det Norske Veritas Holding AS (DNV Holding AS).
Until this transaction Stiftelsen Det Norske Veritas owned 63.5% of the DNV GL group through DNV Holding AS.
In 2012, Stiftelsen Det Norske Veritas and Mayfair agreed to build a quality assurance and risk management company – Germanischer Lloyd (GL) was merged with Det Norske Veritas to create DNV GL.
“Since the merger, the joint company has successfully adapted its organization and realized significant synergies. It also strengthened its position in research and innovation and moved forward with its digital transformation,” the duo said in a statement.
“The merger between DNV and GL has created significant value, and we are thrilled about the opportunity to invest in DNV GL’s long term success. 100% of the cash generated will remain within the group to support further development and positioning of DNV GL globally,” Leif-Arne Langøy, Chairman of the Board of Directors of Stiftelsen Det Norske Veritas, commented.
As explained, the DNV GL strategy, ‘Leading towards a digital, agile and efficient future’, remains unchanged. There will also be no changes to the management, organization, name or branding.
DNV GL’s headquarters for the maritime business area will remain in Hamburg.