Irish Ferries Parent ICG Taken Private in €1.2 Billion Management Buyout
Irish Continental Group (ICG), the parent company of Irish Ferries, has agreed to a €1.2 billion management-led buyout. A takeover vehicle called Bluefin Bidco, assembled by senior management including CEO Eamonn Rothwell, will acquire the company. Shareholders will receive €8 per share in cash, a 28.2% premium to the last closing price. The management team, which already controls about 23.7% of ICG, will cash out roughly a third of its stake for €90 million and roll the rest into the new private structure. The deal is financed by preferred equity from Global Infrastructure Management funds and senior debt from BNP Paribas and Banco Santander. Completion is targeted for Q4 2026, pending shareholder and regulatory approval. The article notes this is a classic case of a company leaving public markets to avoid quarterly scrutiny, and that CEO Rothwell attempted a similar buyout during the 2008-2009 financial crisis which failed. The exit further thins the listed universe on the Dublin exchange.
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