Norwegian shipping investor Frederik Mohn has sold out of ferry group Fjord1 as the controlling Saevik family considers taking 100% control.
The Oslo-listed passengership operator said Havilafjord, a subsidiary of Saevik family-controlled Havila Holding, had bought 18.5m shares at NOK 47.50 each from Mohn's Perestroika holding company.
The deal is worth NOK 879m ($85m) to Mohn. The Saevik family now holds 85% of Fjord1, or 88.8% if the stake owned by its financial partner Vision Ridge is taken into account.
Fjord1 said the move does not trigger a mandatory offer, but Havila Holding said it intends to offer to buy out other investors on similar terms to Mohn, "contingent on having made certain financing arrangements."
The price represents a 16% premium to the last close.
Havila secured funding for the acquisition from Vision Ridge. It is currently represented on the board of directors of Fjord1 through Per Saevik and Vegard Saevik.
Vision Ridge also has one seat on the board.
Mohn simplifies shipping holdings
Mohn has a joint venture that controls eight tankers with Norway's Viken Shipping.
And he became the biggest shareholder in driller Transocean after it took over Songa Offshore.
The Saevik family also controls offshore vessel owner Havila Shipping, which has clinched a refinancing deal in the downturn, and Havila Group, the Norwegian shipbuilder which has also had to reorganise its business after the bankruptcy of one of its subsidiaries.
Fjord1 booked a net loss of NOK 27.1m for the first quarter, down from a profit of NOK 14.2m at the same point last year.
Total revenue was up year on year by 17% and totalled NOK 752m at the of the quarter.
TradeWinds reported the results left a question mark over the viability of its new strategic direction unveiled in December, when the Saevik family and Vision Ridge acquired a 66.5% stake in Fjord1.
At the time, Havila said it intended to develop the company into an "integrated" transportation and tourism company, possibly through a merger with its ferry company Havila Kystruten.
