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Packet deal wasn't a sale

More details have been emerging about the deal which has left the Steam Packet Company in new hands.

On Friday, it was announced the ferry firm would be owned by Manx-registered Sealion Isle of Man, backed by a consortium headed by the Portuguese bank Banco Espirito Santo.

The moves mean Macquarie bank and the Australian pension funds which had held the shares now have no further involvement in the company.

However, Steam Packet chairman Robert Quayle says the deal wasn't a sale:

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