Istithmar PJSC, a major investment house based in the UAE, has completed its acquisition of Inchcape Shipping Services (ISS), the world’s largest independent marine management services provider.
Istithmar’s acquisition of ISS is being financed with a combination of debt and equity. The acquisition debt, including both senior loans and mezzanine financing, has been obtained from the Royal Bank of Scotland.
Commenting on its latest acquisition, Istithmar CEO, Muneef Tarmoom, said: “As the leading independent global marine management services company, ISS has successfully combined its strong operational capabilities with cutting-edge web-based technology, to stay ahead in the ever-changing maritime environment. Istithmar is very confident about the company's future growth prospects, particularly in emerging markets where ISS is a recognized market leader in the provision of marine-related services’’.
ISS manages over 50,000 port calls each year through a network of 2,300 people located in 210 ports in over 50 countries. With over 2,500 clients across the oil, cruise, navy, container and commodity sectors ISS, in partnership with some of the world's leading operators, has developed an innovative menu of tailored services. These range from local trouble shooting to global voyage management package.
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