Greece’s Attica Group Sells Stake in Moroccan Ferry Company for €49 Million

Photo source: Attica Group

Attica Holdings SA, an operator of international ferry services in Europe, announced that is has reached a binding agreement with Sweden’s Stena Line Holding BV, for the sale of its stake in Africa Morocco Link (AML).

The agreement concerns the 49 percent shareholding stake of Attica Group in AML, as well as the 2 vessels Morocco Star and Highspeed 3, owned by subsidiaries of Attica Group and which are related to the specific operation.

The total consideration amounts to 49 million euros while the net profit is expected to exceed 21 million euros and will be included in the Group’s financial results upon completion of the transaction.

AML was founded in 2016 by Attica Group and Bank of Africa, οne of the largest bank institutions in Morocco. Shortly after its foundation, AML managed to be established as one of the most prominent players in its market. Headquartered in Tangier, AML operate a ferry route between Tanger Med – Algeciras.

Photo source: Africa Morocco Link

“The agreement for the sale of our operation in Morocco is within the context of our strategic planning for reallocation of our resources towards our core business in view of our continuous investments for fleet renewal and green transition,” Attica Group CEO Panos Dikaios said.

“The transaction price portrays the successful completion of this business venture and crystalizes the value accretion for our Group.”

The agreement is subject to finalisation of the transaction contractual documents, as well as to the approval of the Moroccan Competition Commission.

A leading coastal shipping company in Greece, Attica Group is the parent company of Superfast Ferries, Blue Star Ferries and Hellenic Seaways. In 2023 the Group took over ANEK Lines.

Stena Line is a Swedish shipping line company and one of the largest ferry operators in the world.