Scandlines for sale at $950M
GERMAN-Danish ferry operator Scandlines has been put up for sale, with an anticipated sale price of about euro800M ($950M). Joint owners Deutsche Bahn and the Danish transport ministry have appointed investment banks NM Rothschild and Morgan Stanley to find a buyer for the Scandlines group, which carries 20M passengers a year on 26 ferries running between Denmark, Germany and Sweden. The operator was set up in 1998 and forecast underlying earnings of about euro 100M this year.
Private equity buyers are expected to be among the possible purchasers as well as other ferry operators, including DFDS. The Baltic ferry market faces major changes this year. Sea Containers has retained French investment bank Société Générale to sell Silja Line, with the company valued at around euro600M, although sources told Fairplay a more likely figure is euro450M.