DP World has agreed to acquire 60% shareholding in UNICO Logistics Co., which is one of the largest independent non-vessel operating common carriers (NVOCC) in South Korea.
The transaction, subject to regulatory clearances, is expected to close in the fourth quarter of 2020 and is part of DP World’s vision to build an integrated suite of service offerings that will connect directly with end-customers.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “By integrating UNICO into our worldwide network we will be able to offer better service to our customers in South Korea and beyond.
“These services further strengthen our logistics capabilities, which we are combining with our maritime services operations and our worldwide network of ports and terminals.”
UNICO is a multi-modal transport specialist with a strong market position in the fast growing transcontinental rail freight market between East-Asia and Central-Asia and Russia, particularly on the Trans-Siberian Railway (TSR) and Trans China Railway (TCR).
The company was established in 2002, with its headquarters in South Korea and a global footprint of 25 subsidiaries in 20 countries.
DP World’s global strategy is to grow as a smart supply chain solutions provider and will provide a platform to drive synergies between UNICO and DP World operations in the Asia Pacific and European regions.
H.J. Park, president and CEO of UNICO Logistics, said: “UNICO has delivered significant growth over the years and we are proud of our success but we believe this partnership with DP World will allow us to take the business to the next stage of its growth.
“Being part of DP World will allow us to develop further from the group’s deep relationship with end customers and wide global network. We look forward to a prosperous future together.”