Maersk Line has announced the acquisition of a rival for more than $4 billion – combining a fleet of 743 container vessels.
The leader in container shipping, which is part of the Danish conglomerate A.P. Moller-Maersk, announced plans to acquire the German-based Hamburg Süd last year.
The sale was approved last Friday by Maersk Line and Hamburg Süd’s parent company, Oetker Group.
The sale will allow Hamburg Süd to maintain its own operations along with a presence in Hamburg and will reportedly save between $350 million and $400 million annually.
“The acquisition is cementing our position as the largest and leading carrier in container shipping and it will provide great opportunities for the employees of both companies,” said Maersk Line and A.P. Moller-Maersk CEO Søren Skou.
The deal is expected to come to a close at the end of the year.