The Hindu Business Line : Istithmar completes buyout of Inchcape Shipping

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.

Commenting on its latest acquisition, the Istithmar CEO, Mr Muneef Tarmoom, said in a statement: "ISS has successfully combined its strong operational capabilities with cutting-edge Web-based technology to stay ahead in the maritime environment.

Istithmar is very confident about the company's future growth prospects, particularly in emerging markets where ISS is a recognised 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 troubleshooting to global voyage management packages.

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.

Istithmar PJSC focuses on private equity, real estate and other alternative investments.

Established with an initial investment capital pool of $2 billion, Istithmar has till date invested in 30 companies deploying approximately $1 billion in equity capital.

It currently focuses its activities in four industry verticals - consumer, financial services, industrial and real estate.

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