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(Alliance News) - Ocean Wilsons Holdings Ltd on Monday said its subsidiary OW Overseas Investments Ltd has agreed to sell its majority stake in Wilsons Sons SA.
The Bermuda-based investment holding company said the sale of the 56.47% stake is to SAS Shipping Agencies Services Sarl, a subsidiary of MSC Mediterranean Shipping Co SA.
The sale was for BRL4.35 billion, around USD768 million.
Wilson Sons operates a port and maritime logistics company in Brazil. It is one of two Ocean Wilsons subsidiaries, the other being Ocean Wilsons (Investments) Ltd, which manages the company's investment portfolio.
The company expects to return a "meaningful proportion" of the net proceeds of the Wilson Sons disposal to shareholders and is reviewing a number of options with the remaining proportion.
Ocean Wilsons Chair Caroline Foulger said: "I am delighted to announce that, following a comprehensive strategic review of the company's investment in Wilson Sons, we have reached an agreement for the sale of our holding in Wilson Sons to SAS. This transaction represents the successful realisation of our long-term investment in Wilson Sons, demonstrating our ability to identify opportunities to create significant value for our shareholders."
She added: "Since our initial investment, Wilson Sons has demonstrated significant financial growth and is today the largest integrated port and maritime logistics operator in Brazil. Under SAS's ownership, we are confident that Wilson Sons will benefit from additional resources and support."
Ocean Wilsons shares were 1.7% higher at 1,540.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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