The Bermuda investment holding company Ocean Wilsons has completed the sale by its wholly-owned subsidiary, OW Overseas (Investments) Ltd, of its 56 per cent interest in Wilson Sons SA to SAS Shipping Agencies Services Sàrl, a wholly-owned subsidiary of MSC Mediterranean Shipping Company SA.

A statement filed with the Bermuda Stock Exchange refers to the first disclosure of the transaction in October and the company confirmed there have been no significant changes since that time.

The gross cash consideration for the transaction was approximately R$4.352 billion ($768 million), minus deductions of approximately R$808 million in aggregate, comprising Brazilian withholding tax and transaction costs.

The net cash proceeds resulting from the transaction, which were received by Owoil in US dollars, amount to approximately $594 million.

The board of Ocean Wilsons confirms that it is returning a portion of the net proceeds of the transaction to shareholders by way of a tender offer for up to 7,072,608 ordinary shares of 20 pence each in the capital of the company, representing 20 per cent of the issued share capital of the company.

A further announcement, setting out the terms, structure and pricing of the tender offer will be made in due course.

Following completion of the transaction, Ocean Wilsons’ active business comprises Ocean Wilsons (Investments) Ltd, an entity that holds an actively managed diversified portfolio of international investments.

The sale marks the end of Ocean Wilsons’ involvement in Wilson Sons SA, a significant move for the company, which had previously held a majority stake in the Brazilian maritime and logistics firm. The transaction’s completion was confirmed by the company without any material changes to the previously disclosed terms.