Caledonia Investments sells stake in TGE Marine for £78.7m cash

28th Sep 2015 09:04

(ShareCast News) - Caledonia Investments has entered into a binding agreement for the sale of its stake in TGE Marine to MES Germany Beteiligungs, a wholly-owned subsidiary of Mitsui Engineering & Shipbuilding Co, for €106.9m, or £78.7m in cash.The investment vehicle said the payment for its 67.9% stake in TGE will be made in cash, together with a pre-transaction dividend received of €7.5m, delivering total proceeds of €114.5m, or £84.1m.Caledonia said completion of the sale will take place on 1 October and the proceeds received will be held on deposit for future investment.Caledonia's head of Unquoted Investments, Duncan Johnson, said: "We believe that TGE is a strong strategic fit for MES' growing offshore energy services business. We are delighted that Caledonia's long term, supportive investment approach has both contributed to the development of TGE and delivered good returns for our shareholders."At 0913 BST, Caledonia shares were up 1.5% at 2,180.50p.