WW reveals new Oslo IPO

Wilh Wilhelmsen will be sliced in half with its shipping and logistics arms spun-off in a potential $400m IPO.

Thomas Wilhelmsen will be chairman of the new shipping and logistics spin-off.

Oslo-listed WW says the move will boost its firepower as it looks to expand.

A statement says over two thirds of its existing shareholders have already backed the restructuring.

WW says the listing of its shipping and logistics wings will bring in between $200m and $400m when it is completed in June.

“The reason for the restructuring is to position the group for future growth,” the statement said.

“The restructuring facilitates independent business developments of the shipping segment and the logistics segment on the one hand and the maritime services segment on the other.

“Size and capital intensity of the segments make it beneficial to operate the shipping and logistics segments with access to financing through a parallel listing.”

A group of shareholders and partners have agreed to underwrite at least $200m of the shares to be issued.

WW, which presently has a market capitalisation of $1.6bn, will set up a new parent company as part of the IPO process.

It will continue as the leading shareholder in Wilhelmsen Maritime Services, which will retain the group’s existing Oslo listing.

Present boss Ingar Skaug will remain at the helm of the new holding company before being replaced by Thomas Wilhelmsen in the autumn of this year.

Jan-Eyvin Wang, boss of car-carrier owner Eukor, will take over as CEO of the shipping and logistics company, with Wilhelmsen in the chairman’s seat.

WW has a fleet of 28 vessels under its control.

Ships owned by Eukor and ASL, in which WW is a major shareholder, are on the balance sheets of the individual companies. If these are included the total fleet swells to 135.

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