Silja Line sold to Tallink
TT/Adam Ewing - [email protected]
Published: 12 Jun, 2006 CET.
Updated: Mon 12 Jun 2006 15:59 CET
The Estonian ferry operator Tallink announced on Monday plans to purchase much of Silja Line’s Baltic operations in a deal worth 4.1 billion kronor.
Silja Line is owned by Bermuda-based Sea Containers, and had 56 percent of the ferry traffic between Sweden and Finland last year. Silja Line has been on sale since 2005 and has been feeling the competitive pressure, as well as rising fuel prices.
Tallink, which travels between Stockholm, Helsinki, and Tallinn, is looking to expand.
The deal is in regard to six of the eight ferries Sea Containers owns under the Silja name. These ships had a net earning of about 30 million euro in 2005. The deal doesn’t include the two Silja Line ferries traveling between Tallinn and Helsinki.
The deal should be complete before July 28.
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Silja Line is owned by Bermuda-based Sea Containers, and had 56 percent of the ferry traffic between Sweden and Finland last year. Silja Line has been on sale since 2005 and has been feeling the competitive pressure, as well as rising fuel prices.
Tallink, which travels between Stockholm, Helsinki, and Tallinn, is looking to expand.
The deal is in regard to six of the eight ferries Sea Containers owns under the Silja name. These ships had a net earning of about 30 million euro in 2005. The deal doesn’t include the two Silja Line ferries traveling between Tallinn and Helsinki.
The deal should be complete before July 28.
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