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Det Norske Veritas Foundation Assumes Full Ownership of DNV GL

 

 

Chennai:

Port Wings News Network:

Stiftelsen Det Norske Veritas (The Foundation) and Mayfair announce the sale of Mayfair’s 36.5% shares in DNV GL Group AS to DNV Holding AS. The agreement regarding the leading quality assurance and risk management company DNV GL was signed on 8 December 2017.

In 2012, Stiftelsen Det Norske Veritas and Mayfair agreed to build a global quality assurance and risk management leader well positioned to succeed in a rapidly transforming market: Germanischer Lloyd was merged with Det Norske Veritas to create DNV GL. Since the merger, the joint company has successfully adapted its organization and realized significant synergies. It also strengthened its position in research and innovation and moved forward with its digital transformation.

“We are proud to have been part of building a leading quality assurance and risk management company over the past eleven years. Since we invested in Germanischer Lloyd in 2006, the company has expanded its position, and through the merger with Det Norske Veritas became a world market leader in its industries. The integration is now complete. We thank the Foundation for the collaboration, and we wish DNV GL and its employees continued success,” says Günter Herz of Mayfair.

The Foundation sees assuming full ownership of DNV GL as the best investment to fulfil its purpose of safeguarding life, property and the environment and to realize its strategy. The agreement between the two parties enables the Foundation to make this investment now and to provide continued support to DNV GL going forward.

“The merger between DNV and GL has created significant value, and we are thrilled about the opportunity to invest in DNV GL’s long term success. 100% of the cash generated will remain within the Group to support further development and positioning of DNV GL globally. We thank Mayfair for its contributions to DNV GL over the past years,” says Leif-Arne Langøy, Chairman of the Board of Directors of Stiftelsen Det Norske Veritas. Leif-Arne Langøy is also Chairman of the Board of Directors of DNV GL.

Group President and CEO of DNV GL Remi Eriksen says that this is a new chapter in DNV GL’s history. “Moving forward with one strong owner with a long-term view and a fully aligned purpose will be good for DNV GL’s customers and employees.”

The DNV GL strategy, ‘Leading towards a digital, agile and efficient future’ remains unchanged. There will also be no changes to the management, organization, name or branding. DNV GL’s headquarters for the Maritime business area will remain in Hamburg.

Stiftelsen Det Norske Veritas is a free-standing, autonomous and independent foundation whose purpose is to safeguard life, property and the environment. This purpose is achieved through its ownership of wholly or partly-owned companies – of which the most important is the DNV GL group, a classification, certification and technical assurance and advisory company. Until this transaction Stiftelsen Det Norske Veritas owned 63.5% of the DNV GL group through Det Norske Veritas Holding AS. The remaining 36.5% was owned by Mayfair SE through Mayfair Beteiligungsfonds II GmbH & Co KG.

In addition to its main activity as majority owner of DNV GL Group AS, Stiftelsen Det Norske Veritas also owns real estate, most notably the headquarters premises of both Stiftelsen Det Norske Veritas and the DNV GL group in Norway.

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