Wallenius Lines will take full control of Wallenius SOL

The Swedish shipowner Wallenius Lines concluded an agreement to acquire the shares of SOL Group in Wallenius SOL. At the end of the procedure, it will be the sole owner of a company that operates sea transport in the Gulf of Bothnia, the Baltic Sea and the North Sea.

The ownership change is not intended to affect the current business of the company. Wallenius SOL is expected to continue to operate within the existing structure and implement the previously adopted Blueprint 2030 development plan.

End of joint ownership

Wallenius SOL has so far been owned by two companies – Wallenius Lines and SOL Group. The concluded agreement provides for the purchase of shares in SOL Group, which means the acquisition of full control of the company by one owner.

As indicated in the Communication, the change is intended to simplify the management of the company and to facilitate the further development of the company.

President Wallenius Lines Erik Nøklebye stressed that the acquisition of all shares would allow a broader look at the company's further functioning. He also pointed out that Wallenius SOL remains an important partner for industry and maritime transport operators in northern Europe.

Shipper operating in northern Europe

Currently, Wallenius SOL operates in the Gulf of Bothnia, the Baltic Sea and the North Sea. Shipowners operate cargo shipments between northern Sweden and Finland, the European continent and the British Isles.

The company has been cooperating with industry operating in northern Scandinavia for years, providing regular sea connections and freight services.

SOL Group president Tommy Kalin pointed out that the period of joint ownership allowed the company to develop and strengthen its position in the Gulf of Bothnia. He also expressed the belief that Wallenius SOL would continue to develop its business in adopted direction.

No change in business and management

According to the information provided, the change of owner does not mean changes in the daily operation of the shipowner. The company is to continue to operate under the direction of the same management team.

President Wallenius SOL Elvir Dzanic pointed out that the acquisition of the shares meant, first of all, a clear ownership situation and the possibility to continue operating in accordance with the assumptions adopted. The company is to maintain existing relations with customers and partners using it transport services.

Decision based on official consents

The closure of the transaction will be possible after the consent of the Swedish Competition Authority and the Strategic Product Inspectorate has been obtained.

By the time the administrative procedures are completed, both sides will operate on the basis of existing rules.