DFDS has completed the acquisition of FRS Iberia/Maroc and thus enters the Strait of Gibraltar short-sea ferry market connecting Spain and Morocco. [announcement]
The acquisition expands DFDS’ network to a region where growth is expected to be supported by nearshoring of supply chains closer to Europe.
Expected annual trade growth of 8% between Morocco and Europe for the next five years.
The integration of the passenger business is expected to benefit from sharing of operating and yield management capabilities, not least from the Channel short-sea routes. Optimisation of digital distribution channels is moreover expected to increase the share of online bookings.
The freight activities will be strengthened by becoming part of a pan-European freight ferry network. The integration is also expected to benefit from a customer overlap and cross sales opportunities.
Integration synergies are expected to be driven primarily by growth synergies as limited cost synergies are expected. The integration is expected to be completed within three years.
FRS Iberia/Maroc will become part of the Ferry Division and their top management team consisting of Ronny Moriana Glindemann and Tim Gädecken have joined DFDS and will continue to manage the business.
