Norway-based foundation Stiftelsen Det Norske Veritas has assumed full ownership of DNV GL Group AS – a global quality assurance and risk management company covering a variety of industries, including the renewable energy sector – after acquiring the remaining shares from partner Mayfair.
Through its DNV Holding AS entity, the foundation acquired Mayfair’s 36.5% stake in DNV GL. Financial details of the sale agreement, signed on Dec. 8, were not disclosed. Stiftelsen Det Norske Veritas and Mayfair had been ownership partners after deciding to merge Germanischer Lloyd (GL) with DNV in 2012.
“We are proud to have been part of building a leading quality assurance and risk management company over the past 11 years,” says Günter Herz of Mayfair. “Since we invested in Germanischer Lloyd in 2006, the company has expanded its position and, through the merger with Det Norske Veritas, became a world market leader in its industries. The integration is now complete. We thank the foundation for the collaboration, and we wish DNV GL and its employees continued success.”
Stiftelsen Det Norske Veritas says it sees assuming full ownership of DNV GL as the best investment to fulfill its purpose of safeguarding life, property and the environment and to realize its strategy. The agreement between the two parties enables the foundation to make this investment now and to provide continued support to DNV GL going forward.
“The merger between DNV and GL has created significant value, and we are thrilled about the opportunity to invest in DNV GL’s long-term success. One-hundred of the cash generated will remain within the group to support further development and positioning of DNV GL globally. We thank Mayfair for its contributions to DNV GL over the past years,” says Leif-Arne Langøy, chairman of the boards of Stiftelsen Det Norske Veritas and DNV GL.
Remi Eriksen, group president and CEO of DNV GL, says that this is a new chapter in the company’s history. “Moving forward with one strong owner with a long-term view and a fully aligned purpose will be good for DNV GL’s customers and employees.”
DNV GL says its strategy of “leading towards a digital, agile and efficient future” remains unchanged. There will also be no changes to the management, organization, name or branding, according to the company.