3i Group sells Scandlines, but re-buys stake

Photo: Scandlines/Lars Sørensen

The ferry operator has been sold for €1.7b to the infrastructure funds First State Investment (FSI) and Hermes Investment Management (HIM).

However, the 3i Group has decided at the same time to reinvest, in conjunction with FSI, in Scandlines by acquiring 35% of its shares. As a result, FSI holds a 50.1% stake, while HIM 14.9%.

The 3i Group has also disclosed that it made net cash proceeds of €347m from selling Scandlines.

The 3i Group, together with funds managed by it, initially acquired a 40% stake in Scandlines back in 2007. They increased their share up to 50% in 2010 and took full ownership at the end of 2013. Meanwhile, FSI bought from Scandlines and Stena Line the Helsingborg-Helsingør service, which since that time has been trading under the Scandlines H-H brand (in a co-op with Scandlines).

Currently, Scandlines operates across two ro-pax routes in the south of the Baltic: Gedser-Rostock and Rødby-Puttgarden. The company also owns the Danish harbours in Gedser and Rødby.