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Wallenius Wilhelmsen withdraws from Prixcar transaction

Financial News

Wallenius Wilhelmsen withdraws from Prixcar transaction

Oslo, Norway, 26 March, 2018 – Wallenius Wilhelmsen has terminated the Share Sale Agreement with PrixCar for the sale of Australia pty ltd. Wallenius Wilhelmsen Solutions is well positioned for further growth in the Australian market and now wishes to pursue new opportunities.

In recent years, Wallenius Wilhelmsen has been working to find a partner to be able to grow in the landbased logistics market in Australia.  In November of 2017, PrixCar Services and Wallenius Wilhelmsen signed a Share Sale Agreement which envisaged that PrixCar would acquire WWL Australia’s (WWLA) land-based). As part of the transaction, Wallenius Wilhelmsen would gain a 20% shareholding in PrixCar. Wallenius Wilhelmsen has been fully committed to a partnership, but since November there have been a number of delays to the process and significant changes have taken place. Wallenius Wilhelmsen has thus made the decision to withdraw from the transaction. Wallenius Wilhelmsen Solutions (WW Solutions) in Australia has been highly successful over the last 18 months, winning new business and setting the foundation for sustained performance. The company is now well positioned for further growth in the high & heavy equipment space, especially in light of the capabilities added to the group with the recent acquisition of Keen Transport in North America.

“Our fundamentals are good and our ambition within the Australian market matches our global strategic objective to build unrivalled capability to serve the high & heavy equipment industry,” says Ray Fitzgerald, COO WW Solutions.

About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OEX: WWL) is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The company operates around 130 vessels servicing 32 trade routes to six continents, and operates a global inland distribution network, 77 processing centres, and 13 marine terminals. The Wallenius Wilhelmsen group consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 7.500 employees in 29 countries worldwide. Read more at walleniuswilhelmsen.com .

For further information, please contact:

  • Bjørnar Bukholm, head of Corporate Finance and Strategy & IRO
    Tel: +47 980 72 778
    email: bjornar.bukholm@walleniuswilhelmsen.com
  • Anna Larsson, head of Corporate Communication & CSR
    Tel: +47 484 06 919
    email: anna.larsson@walleniuswilhelmsen.com