Denmark's A.P. Moller buys Norwegian ship leasing company Ocean Yield

A subsidiary of Denmark's A.P. Moller Holding has agreed to acquire Norwegian ship leasing company Ocean Yield from funds managed by private equity firm KKR NYSE:KKR for an undisclosed sum, the companies said on Thursday.

• Oslo-headquartered Ocean Yield owns interests in more than 70 vessels, including gas carriers, container ships, LNG carriers, tankers and dry bulk vessels.

• "We see Ocean Yield's business model, with its stable cash flow, as an excellent complement to our existing maritime portfolio," A.P. Moller Holding's Chief Financial Officer Martin Larsen said.

• Ocean Yield has invested more than $3 billion since 2021, expanding its fleet portfolio and customer base, while nearly doubling its contracted revenue backlog to more than $5 billion, according to the companies.

• Ocean Yield Chief Executive Andreas Roede said the company had developed into a globally diversified maritime leasing platform with long-term contracted cash flows and a modern fleet during its period under private ownership.

• KKR will remain a strategic partner to Ocean Yield through their joint investment in CapeOmega Gas Transportation AS.