IK Investment Partners to Acquire DNV Petroleum Services (Asia)

Source: IK Investment Partners

European private equity firm IK Investment Partners has entered into an agreement with Norwegian foundation Det Norske Veritas (DNV) to acquire its Singapore-based subsidiary DNV Petroleum Services (DNVPS), a provider of fuel management services for the maritime and power sectors. DNVPS intends to use the new capital to expand its service offerings and research and development capabilities, and use its fuel quality testing database to develop new services and products. Financial details of the transaction, which is subject to legal and regulatory approvals, were not disclosed.