Norfolkline nears agreement for Norse takeover

Ferry group Norfolkline is closing in on agreement to buy ferry operator Norse Merchant and its subsidiaries.

Norfolkline and Wayzata Investment Partners, on behalf of the shareholders of Norse Merchant Group Limited, signed a Letter of Intent and the parties expect to reach a definitive agreement on the purchase in due course.

The parties have agreed not to disclose transaction details including price.

Norfolkline is headquartered in the Netherlands and has 35 offices in 13 countries with over 1300 employees.

Norse Merchant Ferries operates Irish Sea services. The company is headquartered in Liverpool with offices in Britain and Ireland.

With a fleet of nine vessels, Norse Merchant Ferries operate over 100 sailings per week on Belfast- Heysham, Belfast-Birkenhead, Dublin-Heysham and Dublin-Birkenhead routes.

The company has 450 employees and operates dedicated terminals in Belfast, Dublin and Birkenhead.