Danish ro-ro group DFDS has banked DKK 1bn ($160m) from a share issue designed to fund its takeover of U.N. Ro-Ro.

It placed 2.63m shares privately at DKK 380 each, compared to a trading price of DKK 387.60 on Tuesday.

The deal was "significantly" over-subscribed by Danish and international professional and institutional investors, it said.

The cash will go towards the EUR 950m ($1.13bn) purchase of Turkey's U.N. Ro-Ro, as well as the planned fleet renewals for both companies and for other potential investment opportunities during the next 12 to 18 months.

The shares represent 4% of its enlarged equity.

Managers Nordea and SEB acted as joint global coordinators.

CFO Torben Carlsen said the sale was carried out "to ensure that DFDS has continued financial flexibility following the DKK 7.1bn acquisition which currently awaits approval by competition authorities."

DFDS this month posted another rise in quarterly profit.

The company said net earnings to 31 March were DKK 157m, up from DKK 150m a year ago.

Last month, the company agreed to acquire U.N. Ro-Ro as it looked to expand its ferry routes across the Mediterranean.