DUBAI: DP World said it bought Denmark-based Unifeeder Group for $764 million.

It acquired the container and shortsea network from the Nordic Capital Fund and other shareholders, the Dubai-based ports operator said in a statement.

The Danish group reported reveunes of about €510 million last year.

DP World hopes the acquisition will boost its presence in the global supply chain and reduce inefficiencies.

“The ever growing deployment of ultra- large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe,” DP World Chairman Sultan Ahmed Bin Sulayem, said.

“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.”

DP World called Unifeeder “an important and growing” network in Europe serving both deep-sea hubs and other markets.

The port operator said that the sale is expected to close in the fourth quarter of this year.

DP World operates 80 terminals in over 40 countries and is majority owned by the government of Dubai.