The Nasdaq-listed owner said SIPSA, a holding company controlled by the Menendez family, has agreed to sell 25.32m shares at $4 each to private equity fund Southern Cross, lifting the latter’s stake from 67% to 85%.
SIPSA has the option of buying the ocean business for a price yet to be determined as part of the deal.
The $101m transaction is expected to close in the next 60 days.
CEO
