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Brittany Ferries to buy Condor
Brittany Ferries, in partnership with the Columbia Threadneedle European Sustainable Infrastructure Fund, is to buy Condor Ferries.
Contracts have been signed and the agreement is expected to be finalised following scrutiny by regulatory authorities.
The deal, which was muted back in the summer, will see Brittany Ferries hold a minority stake.
"We are delighted to be part of the consortium that has agreed to acquire Condor Ferries," said Christophe Mathieu, CEO Brittany Ferries.
"Brittany Ferries and Condor enjoy a long history in commercial operations and a closer cooperation between the two companies will create opportunities for sharing expertise and best practice. We believe this is a positive step and look forward to playing our part in supporting the economies and communities of the Channel Islands into the long term."
Jean-Marc Roue, chairman of Brittany Ferries, added: "I am proud and honoured that we have concluded a partnership with the Columbia Threadneedle European Sustainable Infrastructure Fund. It allows us to reconnect with a route to the Channel Islands that Brittany Ferries operated in the past."
Condor was bought by Macquarie in 2008 for an undisclosed sum, thought to be around £260 million.
Condor carries around 1 million passengers, 200,000 passenger vehicles, and freight between Guernsey, Jersey, the UK and St. Malo.
Brittany Ferries operates 12 from Portsmouth, Poole and Plymouth to various ports in France.
It carries around 2.5 million passengers every year, as well as 210,000 freight units.
ESIF is a new open-ended, evergreen fund that invests in European mid-market equity assets, managed by leading global asset management group Columbia Threadneedle Investments.
Heiko Schupp, global head of infrastructure investments at Columbia Threadneedle Investments, said it looks forward to working with Condor’s management, staff and the Channel Islands towards the ‘long-term security and development of ferry services.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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