Ireland's High Court sanctioned the scheme of arrangement for Bluefin Bidco, a vehicle controlled by Irish Continental Group (ICG) Chief Executive Eamonn Rothwell and three senior managers, to acquire the Irish Ferries parent company on Tuesday, November 10.
The management-led offer of €8.00 ($8.97) in cash per share implies a fully diluted valuation of approximately €1.2 billion for ICG.
ICG said the scheme is expected to become effective on November 20, when the court order is delivered to the Registrar of Companies. That will also be the last day of trading in ICG units on Euronext Dublin and the London Stock Exchange.
Both listings are expected to be cancelled on the morning of November 23. Shareholders are to be paid no later than December 4.
Funds managed by Global Infrastructure Management are providing €455 million in preferred equity, while BNP Paribas and Banco Santander arranged a €798 million senior secured facility.
In the July offer, the team said ICG operates in markets, "requiring substantial ongoing investment in vessels, fleet renewal, terminal infrastructure, maintenance, technology, environmental initiatives and regulatory compliance."
It added that private ownership, "would provide greater flexibility to pursue long-term strategic initiatives and capital investment programmes."
ICG reported €95.2 million in capital expenditure for the first half of 2026. That period included completing the purchase of the Dover–Calais ferry Oscar Wilde in May after a two-year bareboat charter.