- Lloyd’s Register (“LR”) has today announced the sale of 100% of its Business Assurance & Inspection Services division.
- It includes cyber-security business Nettitude, to Goldman Sachs Asset Management.
- The transaction is a key milestone in Lloyd’s Register’s strategy.
A Lloyd’s Register official news statement reveals that LR to focus growth on maritime industry with expanded role and service offering.
Lloyd’s Register, the global provider
Lloyd’s Register (“LR”), a global provider of professional services specialising in engineering and technology solutions.
LR has become the go-to partner and adviser on compliance, performance and sustainability to the maritime industry and broader ocean economy.
It has today announced the sale of 100% of its Business Assurance & Inspection Services division.
The transaction is a key milestone
The transaction is a key milestone in Lloyd’s Register’s strategy to become the go-to partner and adviser on compliance, performance and sustainability to the maritime industry and broader ocean economy.
The deal is expected to complete during the second half of 2021, following customary antitrust and regulatory approvals.
What does the transaction enable LR to do?
The transaction will enable LR to better support its clients to respond to the regulatory, economic and societal pressures to digitalise and decarbonise within challenging timeframes.
The additional investment capital it provides will empower LR to become an even more valuable partner to maritime clients as they address the risks and opportunities ahead of them.
In particular, the divestment will allow accelerated investment in LR’s maritime service offering, both organically and through acquisitions.
Adopting a brand new name
Under its new ownership, Lloyd’s Register’s Business Assurance & Inspection Services division will adopt the brand name LRQA reflecting its 35 years of expertise and heritage in the assurance market.
As an independent business, LRQA will continue to be one of the leading players in the fragmented assurance and inspection market, with a global footprint to service its customer base across a wide range of sectors.
Goldman Sachs Asset Management intends to expand the LRQA business, helping it to become a leading digitally enabled assurance provider.
It also aims at partnering with customers across key sectors, geographies and segments as they navigate a changing risk landscape.
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Source: Lloyd’s Register
