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New owners and corporate structure

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.

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