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(Sharecast News) - Ocean Wilsons announced on Monday that its subsidiary OW Overseas Investments has agreed to sell its 56.47% stake in Brazilian port operator Wilson Sons to SAS Shipping Agencies Services, a subsidiary of MSC Mediterranean Shipping Company.
The London-listed firm said the transaction was valued at BRL 4.352bn (587.52m).
It said it expected net proceeds of at least $593m after taxes and transaction costs.
Brazilian capital gains tax of up to 22.5% would be levied, potentially reducing the proceeds by an estimated $142m.
Ocean Wilsons did not anticipate material tax liabilities in other jurisdictions related to the sale.
The board said the agreement would also allow Wilson Sons to continue paying dividends to shareholders before the transaction was completed, which was expected in the second half of 2025, subject to regulatory approvals.
Ocean Wilsons' board expressed confidence that the deal was in the best interests of its shareholders.
"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," said chairman Caroline Foulger.
"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."
Foulger said that since the company's initial investment, Wilson Sons had seen significant financial growth and was now the largest integrated port and maritime logistics operator in Brazil.
"Under SAS' 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."
At 1052 BST, shares in Ocean Wilsons Holdings were up 0.76% at 1,526.57p.
Reporting by Josh White for Sharecast.com.