Class society DNV GL has become 100% Norwegian-owned five years after being formed through the DNV/GL merger.

The company said on Thursday that DNV Holding had agreed to buy the 36.5% controlled by Germany's Mayfair, owned by Gunter Herz and Daniela Herz-Schnoeckel, who were originally GL investors.

DNV told TradeWinds that the sale was not an option arising from the original merger agreement.

"DNV Holding initiated the dialogue about buying the 36.5% of shares from Mayfair and Mayfair accepted the offer," it added.

It also said there will be no changes to the name or branding.

“We are proud to have been part of building a leading quality assurance and risk management company over the past eleven years," said Herz.

"Since we invested in Germanischer Lloyd [GL] in 2006, the company has expanded its position, and through the merger with Det Norske Veritas became a world market leader in its industries."

Full ownership is viewed by DNV GL as the best way to fulfil its purpose of safeguarding life, property and the environment and to realise its strategy.

Chairman Leif-Arne Langoy said: “The merger between DNV and GL has created significant value, and we are thrilled about the opportunity to invest in DNV GL’s long term success. 100% of the cash generated will remain within the group to support further development and positioning of DNV GL globally.

"We thank Mayfair for its contributions to DNV GL over the past years.”

The cooperation has not always been so harmonious, however.

TradeWinds has reported that a row broke out shortly after DNV and GL merged in 2013, with the DNV Foundation eventually bringing a NOK 1bn (then $123m) compensation claim against Mayfair.

The official line was that the dispute was over “certain representations and warranties in the [merged company’s] business combination agreement.”

However, TradeWinds understood it was based on the initial valuation of GL when the merger took place, leaving the DNV Foundation with a majority 63.5% stake in the merged company and Mayfair its 36.5%.

DNV brought arbitration proceedings against Mayfair in 2013 and a second hearing at the Arbitration Institute of the Stockholm Chamber of Commerce resulted in a EUR 67m ($76m) award to DNV, plus interest and legal costs.