Norwegian shipping company DOF Group announced on Tuesday that it had signed an agreement with Maersk Supply Service Holding to purchase a Maersk Supply Service from them for $1.11 billion. The deal was a combination of cash and stocks.

In the agreement, DOF will pay A.P. $577 million and issue new shares. The statement stated that Moeller Holding is a 25% shareholder in the company.

The statement stated that the combined company will operate under DOF’s name and be listed on Oslo Stock Exchange. It also added that the statement expects the transaction to close in the fourth quarter of the year.

The company plans to raise up to $125,000,000 in equity and a capital raise of 500 million dollars.