Norwegian ro-pax owner Color Line Transport has snapped up sister operator Kristiansand Line.
The subsidiary of Color Group said a deal has been struck with ONS Ship Finance to acquire 100% of the company and its 37,000-gt ferry Superspeed 1 (built 2008).
Color Line owns 38.6% of ONS Ship Finance, while the remaining 61.4% is owned by ON Sunde, the parent of Color Group.
The purchase price is NOK 580m ($71.15m), which was based on an independent valuation.
The transaction includes the company's cash reserves and debt. All necessary consents have been obtained from the relevant banks.
"The transaction is expected to result in an accounting profit in 2018 of NOK 73m for Color Group," it said.
ONS Ship Finance plans to carry out a one-off dividend payment of NOK 580m to its shareholders after the deal completes.
In March, Color Group dropped its IPO plans for the time being.
It cited “prevailing market conditions” as a reason for putting off the fundraiser, even though price indications were within the expected range.
Color Line is one of Europe’s leading short-haul shipping lines for passengers and ro-ro cargo, with six ships on the water and a hybrid vessel on order in Norway.
