DNV Foundation paid $1.5bn to buy out German partner

The DNV Foundation paid a whopping NOK 12bn ($1.5bn) to buy out the Mayfair Group, its partner in merged classification society DNV GL, according to Norwegian media reports.

Last year the DNV GL Foundation bought out the Mayfair Group, its German partner in DNV GL since the 2013 merger of Norway’s Det Norske Veritas and Germany’s Germanischer Lloyd.

As reported by TradeWinds the deal to acquire Mayfair’s 36.5%