AP Moller Holding, the parent company of AP Moller Group, and KKR announced on Thursday that they have signed an agreement under which a subsidiary of AP Moller Holding will acquire 100 percent of Ocean Yield.
The partners did not provide the financial details of the transaction.
Ocean Yield holds interests in over 70 modern vessels, across several core shipping sectors, including gas carriers, container ships, LNG carriers, crude, product, and chemical tankers, and dry bulk carriers.
The firm has been heavily investing in LNG with transactions related to France LNG Shipping and CapeOmega Gas Transportation, and co-investment in LNG carriers alongside Japan’s NYK.
Under KKR’s ownership, Ocean Yield has invested more than $3 billion to further expand the existing portfolio, diversify and broaden its investment-grade customer base, and has nearly doubled its long-term contracted backlog to more than $5 billion, according to the statement.
The acquisition of Ocean Yield strengthens AP Moller Group’s maritime portfolio, and builds on the group’s long-term maritime legacy across many segments.
Moreover, KKR will continue to be a strategic partner to Ocean Yield through their joint investment in CapeOmega Gas Transportation.
Completion of the transaction is subject to customary regulatory approvals.
