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Macquarie fund buys islands ferry operator |  | | | 07 August 2008 | | Source: Telegraph.co.uk | Condor Ferries, the Channel Islands ferry operator, has been sold by the Royal Bank of Scotland to a fund managed by Australian bank Macquarie for an undisclosed price, thought to be £260m-£280m.
Macquarie, which already owns the UK ferry companies Wightlink and the Isle of Man Steam Packet, is acquiring the Condor Ferries business through its European Infrastructure Fund II. The deal requires approval from the Jersey Competition Regulatory Authority.
RBS appointed Deutsche Bank early this year to sell the ferry operator as part of a clear-out of non-core assets that also saw the sale of rolling stock leasing company Angel Trains in a £3.6bn deal. RBS's debt ventures arm bought Condor Ferries from ABN Amro Capital in September 2004 in a £240m deal.
Condor Ferries, which runs catamarans from Poole and Weymouth to Jersey, Guernsey and France, is thought to have earnings before interest, tax, depreciation and amortisation of £25m-£30m a year.
New competition on the Channel Islands-France routes emerged last year when HD Ferries began services to St Malo. It suspended operations after technical problems, but HD Ferries services resumed in March.
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Condor Ferries - Special Offers |
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