Investment holding company Ocean Wilsons, opens new tab on Monday agreed to sell its 56.47% stake in its unit Wilson Sons, opens new tab to SAS Shipping Agencies Services Sàrl 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, opens new tab 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, 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 Limited.