Eden Park

Weather

Dry but chilly overnight.

Issued at 4:30 p.m., Thursday 17 April
Post-a-roseNedbanksmartManx Telecom May 2013 2sure

New owners and corporate structure

Published online at 08/04/2011 19:58:35

The Isle of Man Steam Packet Company has new owners.

In a short statement, the company says all shares owned by Macquarie Bank and Australian pension funds have now been transferred to a consortium of banks led by Banco Espirito Santo.

The company says the change won't impact on services or prices, but will provide a long-term solution to its debts under a refinancing agreement.

The new owner is no stranger to the Irish Sea ferry firm as it has been working with the Steam Packet and its previous owners for six years.

Meanwhile, the corporate set up of the Steam Packet is also changing, with a simplified ownership structure.

The banking consortium will own a Manx-registered firm called Sealion Isle of Man, which will hold all of the Steam Packet's shares.

The need for a simplified structure was highlighted in a recent report by a Tynwald select committee.

    Comments

    We would like to hear your views. If you have any comments or further information on this story, please email the Manx Radio newsroom at comments@manxradio.com

    Official Sponsors

    Jekyll and Hyde1 

    Related Stories