Ocean Wilsons Holdings - Sale of Wilson Sons investment
Ocean Wilsons announced today that it has agreed to sell its 56.47% stake in Wilson Sons to SAS Shipping Agencies Services, a wholly owned subsidiary of MSC Mediterranean Shipping Company, for R$4.4bn (equivalent to R$17.50 per share). The consideration will be converted into US dollars, which, at the current exchange rate, implies a purchase price of US$768m. The transaction is expected to trigger a Brazilian withholding tax liability of up to US$142m and to ultimately realise net cash proceeds of ‘at least US$593m’. The transaction is expected to complete in H225. A ‘meaningful’ proportion of the proceeds will be returned to shareholders and some may be reinvested in Ocean Wilsons.Ocean Wilsons Holdings is a holding company. Through its subsidiaries, Co. is engaged in the provision of transport services; the activities of tug and port operator; the construction and building of ships; the provision of shipping agency and logistics services; the operation of warehousing and stevedoring; and investment holding and dealing. Co. carries out its business in Brazil, Bermuda and the United Kingdom, and organized its business into three segments: towage, offshore anad shipyard, port operations and logistics, and ship agency.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.