Ocean Wilsons to sell its majority stake in Wilson Sons in $765 deal

Investment holding company Ocean Wilsons on Monday agreed to sell its 56.47% stake in its unit Wilson Sons PORT3.SA to SAS Shipping Agencies Services Sàrl (SAS) for 4.352 billion reais ($764.9 million).

London-listed Ocean Wilsons, which is the controlling shareholder ofBrazilian shipping firm Wilson Sons, last June saidit was reviewing 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 SA (MSC), a privately-held Swiss shipping group, which has been expanding its presence in Brazil through investments and acquisitions.

Ocean Wilsons said itexpects to return a portion of the deal proceeds as special dividends and is considering re-investingthe rest into its diversified portfolio business, Ocean Wilsons (Investments) Limited.
Source: Reuters (Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)