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Wallenius Wilhelmsen halts sale

Wednesday, 28 Mar 2018 ( #865 ) - Oslo, Norway
Local News Story
Wallenius Wilhelmsen calls off sale to PrixCar.
Vehicle logistics giant Wallenius Wilhelmsen has terminated its deal to sell its Australian operations to PrixCar.

The company says it is "well positioned for further growth in the Australian market and now wishes to pursue new opportunities".

Wallenius Wilhelmsen had been working to find a partner to be able to grow in the land-based 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 (WWLA). As part of the transaction, Wallenius Wilhelmsen would gain a 20% shareholding in PrixCar.

Wallenius Wilhelmsen says it 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 and 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.

PrixCar has storage facilities in each major Australian mainland capital port. In addition, it also has wharfside storage and processing facilities in New South Wales, Queensland and Western Australia.
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