Wilhelmsen Abandons Drew Marine Deal after US Ruling
Oslo-listed Wilhelmsen has abandoned the acquisition of US company Drew Marine Technical Services after the US competition authorities moved to block the deal.
The parties agreed to abandon the transaction as the US District Court for the District of Columbia informed that it would grant the Federal Trade Commission’s (FTC) motion for an injunction to block Wilhelmsen’s acquisition move.
“We disagree with the views of the US competition authorities. This would have been an important strategic investment for our group, which we believe would have meant better services and better prices for our customer,” Thomas Wilhelmsen, group CEO in Wilhelmsen, said.
He added that the company is disappointed that it will not be able to bring the deal to a close.
Wilhelmsen and Drew have agreed on a termination fee of USD 20 million, which will now be invoked and have a negative non-recurring effect on Wilhelmsen’s second quarter accounts.