(Bloomberg) -- Shuaa Capital PSC, which oversees about $13 billion in assets, strengthened its portfolio in the maritime sector with its second acquisition in two years in the offshore industry.
The investment bank and asset manager acquired Abu Dhabi-based Allianz Marine & Logistics Services Holding Ltd., which operates a fleet of 117 owned and chartered offshore support vessels, according to a statement. It didn't provide a value for the deal.
Shuaa has been stepping up acquisitions as it consolidates some of its businesses. In 2020, an investor group led by Shuaa took control of Dubai-based oil-services provider Stanford Marine Group.
- UAE's Shuaa Seeks Acquisitions After Stanford Marine Deal
After the acquisition of Allianz Marine, Shuaa said now manages a portfolio of 152 offshore supply vessels. “Shuaa expects to derive significant revenue and cost synergies and economies of scale on an annual basis from the combination of two of the leading OSV operators in the region,” it said.
Allianz Marine's fleet includes platform supply vessels, anchor handling tug supply vessels and others, and the company provides maritime services, port logistics, and crew services.
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