PARIS, Nov 11 (Reuters) – Veolia Transport (VIE.PA: Quote, Profile, Research, Stock Buzz) agreed to buy a 38 percent stake in French shipping group SNCM previously held by private equity firm Butler Capital Partners, the companies said on Tuesday.
The deal means Veolia Transport will end up with a 66 percent holding in SNCM by the end of the year. Veolia Transport is a unit of French utility group Veolia Environnement.
Financial terms of the transaction were not disclosed. SNCM recently cut jobs as part of a restructuring programme aimed at making the company return to profitability after a period of posting losses. (Reporting by Sudip Kar-Gupta; Editing by David Holmes)