Danish ferry operator Scandlines has sold its Helsingør-Helsingborg route including the five Ro-Pax vessels operating the line to the London-based global asset management company First State Investments, effective retroactively as of January 1, 2015.
Both parties have agreed not to disclose any financial details of the agreement. Scandlines has used part of the proceeds to repay EUR 66 million of debt, thus keeping the leverage below 4.7 x EBITDA. The remaining proceeds from the transaction are planned for upstream dividends.
Scandlines now plans to 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,” said 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.”