Sea Containers Completes Sale of Ferry Business

Wednesday, July 19, 2006
Sea Containers Ltd. announced that it has completed the sale of its Baltic ferry subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink Grupp. The sale, which was announced on June 12, was subject to receipt of regulatory approvals from Finnish, Swedish and Estonian competition authorities, all of which have been granted. The consideration for the sale of Silja's core business is $563m and 5m ordinary shares in Tallink equivalent to $22m. Corporate approval was given by Tallink shareholders at an EGM on June 22. The transaction does not include Silja's fast ferry services from Helsinki, Finland to Tallinn, Estonia and the two SuperSeaCat ferries, which will be retained by Sea Containers and operated as a stand-alone business under the SuperSeaCat brand name
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