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Sparks commentary - Ocean Wilsons Holdings

Industrials

Sparks - Ocean Wilsons Holdings

More on this equity
Ocean Wilsons (LSE: OCN) agrees to sale of interest in Wilson Sons
Published by Andy Murphy

Ocean Wilsons has announced it has agreed to sell its 56.47% stake in Wilson Sons to SAS Agency, a wholly owned subsidiary of MSC Mediterranean Shipping Company for R$4.352bn (equivalent to R$17.50 per share). The consideration will be converted into US dollars, which, at the current rate (R$5.58/US$), would imply a purchase price of US$768m. It is anticipated that the transaction will crystalise a Brazilian withholding tax liability liability of up to US$142m and that it will ultimately realise net cash proceeds of ‘at least US$593m.’

The transaction is expected to complete in H225. A ‘meaningful’ proportion of the proceeds will be returned to shareholders and some may be reinvested in Ocean Wilsons.

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