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Manx Government to complete Steam Packet purchase this week

Tue, 22 May 2018

The Manx Government will complete its takeover of the Steam Packet Company this week.

Treasury Minister Alfred Cannan will sign the formal agreement after Tynwald approved the £124m purchase of the ferry operator last week.

The Treasury recently had assessments of the Ben-my-Chree and Manannan undertaken, finding the Steam Packet's passenger vessels in good condition.

The Government also commissioned a valuation assessment, which found the Steam Packet Company to be worth £120m to the seller, but worth £225.m to the Treasury.

The Treasury intends to run the Steam Packet as a commercial enterprise at arm's length from Government.

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