3i Group Share News (III)

STOCKHOLM (Alliance News) - The ferry operator Scandlines, which conducts routes in the Baltic Sea between Denmark and Germany, has been sold for EUR1.7 billion, its former owner, London-listed investment company 3i Group PLC, said Monday.

The buyers, First State Investments and Hermes Investment Management, are two long-term infrastructure investors representing predominantly European pension funds.

First State is set to own 50.1% and Hermes Investment Management 14.9%, while the 3i Group has agreed to reinvest into Scandlines, acquiring a 35% stake.

3i has been sole owner of the ferry line since 2013, after initially buying a major stake in 2007. The company said the net cash proceeds from the deal announced Monday totalled EUR347 million.

Reports of a possible sale of Scandlines emerged in December.