Ocean Wilsons sells majority stake in port operator
A primary asset of a Bermuda investment holding company is selling its majority stake in the largest integrated port and maritime logistics operator in Brazil.
Ocean Wilsons subsidiary OW Overseas (Investments) Limited is selling its 56.47 per cent stake in Wilson Sons SA to SAS Shipping Agencies Services Sàrl, a wholly owned subsidiary of MSC Mediterranean Shipping Company SA.
The transaction is for total cash consideration of R$4.352 billion (equivalent to about $768 million) or R$17.50 (a little more than $3.07 per share).
Ocean Wilsons is listed on the London Stock Exchange and the Bermuda Stock Exchange. It has two primary investments — Ocean Wilsons (Investments) Limited, an entity that holds an actively managed diversified portfolio of international investments, and Wilson Sons.
With a presence in most major Brazilian ports, Wilson Sons is one of the largest integrated operators of port, maritime and logistics services in Brazil with activities including towage, container terminals, offshore oil and gas support services, small vessel construction, logistics and ship agency.
Brazilian capital gains withholding tax (15 per cent and 22.5 per cent) of $142 million brings OWOIL’s expected net cash proceeds from the transaction to be at least $593 million.
The company said it does not expect a material amount of taxes will be payable on the transaction proceeds in any other jurisdiction.
Shareholders will be updated when the amount of Brazilian withholding tax, and consequently, the net cash proceeds that the company expects to receive as a result of the transaction, have been finalised.
The transaction is expected to complete during the second half of 2025 and is conditional on the receipt of applicable regulatory clearances between signing and completion.
Caroline Foulger, Ocean Wilsons chair, said: “I am delighted to announce that following a comprehensive strategic review of the company’s investment in Wilson Sons, we have reached an agreement for the sale of our holding in Wilson Sons to SAS. This transaction represents the successful realisation of our long-term investment in Wilson Sons, demonstrating our ability to identify opportunities to create significant value for our shareholders.
“Our strategy has always been focused on delivering enhanced long-term value to our shareholders by carefully balancing investment risks and avoiding the distractions of short-term market cycles.
“This sale aligns with our purpose and will allow us to concentrate on developing the business through sustainable profitable growth.
“Since our initial investment, Wilson Sons has demonstrated significant financial growth and is today the largest integrated port and maritime logistics operator in Brazil. Under SAS’s ownership, we are confident that Wilson Sons will benefit from additional resources and support.
“The board believes that it is a compelling time to realise its investment. This is an exciting time for Ocean Wilsons, and we remain committed to maximising shareholder value through strategic decision-making and disciplined investment growth.”
• For more on the sale of Wilson Sons SA, see Related Media
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