But Hamburg Sud will remain a commercially independent company with its own sales customer service and auxiliary departments such as IT, human resources, finance and accounting.
"For customers, there will be no change in the product. The success of Hamburg Sud is based on the great experience and expertise of our employees, our deep understanding of the markets," said its new CEO Arnt Vespermann.
On December 1, 2016, Maersk Line announced its intention to acquire Hamburg Sud, triggering a regulatory approval process in 23 jurisdictions which was successfully concluded on Tuesday November 28 with the approval of the acquisition by the Korea Fair Trade Commission.
"With the final approval of the acquisition we have reached an important milestone in our strategy to become an integrated transport and logistics company delivering sustainable growth. These are truly exciting times and we are looking forward to taking the first steps forward as one company," said AP Moller Maersk CEO Soren Skou.
"Hamburg Sud is an outstanding brand with high quality products. By combining our two businesses we will reinforce the global positions of both companies and enhance our service offers towards customers," he said.
The two companies will be able to realise operational synergies in the region of US$350-400 million annually as of 2019.
Upon transfer of ownership, Ottmar Gast will retire as chairman of the executive board of Hamburg Sud to become new chairman of the supervisory board of Hamburg Sud.