Color Line buys subsidiary company

Color Line buys subsidiary company

06-06-2018 11:30:00

The Norwegian ro-pax shipping company Color Line Transport has bought the subsidiary company Kristiansand Line for 71 million dollasr off ONS Ship Finance. The purchase also includes th 37.000 gt ferrye Superspeed 1.

Color Line owns 38,6 percent of ONS Ship Finance, while the rest of the shares are owned by ON Sunde, who is the parent company of Color Group, writes TradeWinds.

The price of 71.15 million Dollars is determined on the basis of an independent assessment. The transaction includes both the company's cash reserves and debt and has been approved by the relevant banks.

"The transaction is expected to result in a profit of 73 million dollars in 2018 for the Color Group, " A statement has said.

In March, the Color Group dropped their plans for a listing on the stock exchange due to market conditions.

Source: TradeWinds / Maritime Danmark

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