First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. The contract with First State Investments became effective retroactively as of 1 January 2015. In connection with the closing of the sales, Scandlines has repaid debt in the order of EUR 66 million, keeping the leverage below 4.7 x EBITDA. The remaining proceeds from the transaction are planned for upstream dividend to the ultimate owners of Scandlines. Going forward, Scandlines will focus on its two ferry routes between Puttgarden-Rødby and Rostock-Gedser together with the two BorderShops in Puttgarden and Rostock.
“We have a clear vision for the future of Scandlines as an operator of frequent and reliable transportation services combined with high capacity and attractive customer experience”, states Søren Poulsgaard Jensen, CEO Scandlines. “The sale of our half of the route Helsingør-Helsingborg enables us to reduce our debt, thereby preparing for a competition with a fixed link on the Fehmarn Belt in 8-10 years.” First State Investments and Scandlines are both very satisfied with the agreement and look forward to the future cooperation. Both parties have agreed not to disclose any financial details of the agreement.
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