DNV, GL agree to merge

HAMBURG, Germany/OSLO, Norway – DNV and GL have agreed to merge into what will be called DNV GL Group.

The DNV Foundation will hold 63.5 %, while GL's owner Mayfair SE will hold 36.5 % of the shares. The new company will be headquartered and registered in Norway.

The DNV GL Group will operate in the business segments Maritime, Oil & Gas, Energy, and Business Assurance. Its global headquarters will be at Høvik outside of Oslo. The maritime business unit will be headquartered in Hamburg, Germany, while maintaining its commitment to the Norwegian maritime cluster. Oil & Gas will be headquartered at Høvik, Norway, while Energy will be headquartered in Arnhem, the Netherlands and Business Assurance in Milan, Italy.

The transaction requires approval from competition authorities.

"The merger rests on a strong strategic rationale, and responds to challenges of increased globalization, rapid technological change, and the need for sustainable development. Our customers will benefit from an increased service offering and global competence base as well as one of the densest networks," says DNV's Group CEO, Henrik O. Madsen, who will be the CEO of the combined new company.

"The merger with DNV supports our long-term goal of being recognized as one of the most respected technical assurance and advisory companies in the world," adds GL Group CEO, Erik van der Noordaa.

"DNV is the partner of choice for GL. 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," says Guenter Herz, chairman of Mayfair SE.