DNV and GL to merge
(Jan 11 2013)

An agreement has been signed to merge DNV and GL, creating a new entity called DNV GL Group.

The DNV Foundation will hold 63.5 per cent of the new organisation, while GL's owner Mayfair SE will hold 36.5 per cent of the shares. The new company, with a combined turnover of approximately €2.5 billion, will be headquartered in Høvik, outside of Oslo, and registered in Norway.

DNV GL Group will be organised as a Norwegian limited company (AS), with the transaction now requiring approval from competition authorities.

“We see this as a good strategic match. The two companies have a common set of values and complementary strengths,” said Leif-Arne Langøy, the chairman of DNV's board of directors.

“Both have strong brands and solid market positions as well as a reputation for high quality and strong integrity. There were negotiations between DNV and GL both in 1999 and in 2006 on closer cooperation. I am very pleased that the timing now seems to be right.”

DNV GL Group aims to operate in the maritime, oil & gas, energy and business assurance sectors, with the maritime business unit to be headquartered in Hamburg, Germany.

Oil & Gas will be headquartered at Høvik, while Energy will be headquartered in Arnhem, the Netherlands, with a hub for renewables in Bristol, UK, and Business Assurance in Milan, Italy.

“DNV is the partner of choice for GL,” said Guenter Herz, chairman of Mayfair SE.

“Besides DNV's clear commitment to Hamburg our decision for this partnership is based on the complementary fit of DNV and GL as well as the joint ambition for innovation and quality of both companies.”

“As a long-term oriented shareholder we consider this partnership to be the continuation of our successful investment in Germanischer Lloyd.”