(Reuters) – Investment holding company Ocean Wilsons on Monday agreed to sell its 56.47% stake in its unit Wilson Sons to SAS Shipping Agencies Services Sàrl (SAS) for 4.352 billion reais ($764.9 million).
London-listed Ocean Wilsons, which is the controlling shareholder of Brazilian shipping firm Wilson Sons, last June said it was reviewing its investment in the firm.
“The Board believes that it is a compelling time to realise its investment,” Caroline Foulger, Ocean Wilsons’ chair, said in a statement.
SAS is a unit of MSC Mediterranean Shipping Company SA (MSC), a privately-held Swiss shipping group, which has been expanding its presence in Brazil through investments and acquisitions.
Ocean Wilsons said it expects to return a portion of the deal proceeds as special dividends and is considering re-investing the rest into its diversified portfolio business, Ocean Wilsons (Investments) Limited.
($1 = 5.6894 reais)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)
