High Court approves management buyout of Irish Continental Group

FinanceThe High Court in Ireland has sanctioned the scheme of arrangement under which Bluefin Bidco, the company set up by chief executive Eamonn Rothwell and three other senior managers, will acquire Irish Continental Group (ICG), the owner of Irish Ferries, ICG announced on 10 November. The EUR 1.2 billion management buyout, at EUR 8 per share, was announced in late July.

ICG expects the court order to be delivered on 20 November, when the scheme becomes effective. That is expected to be the last day of trading in ICG units on Euronext Dublin and the London Stock Exchange, and the listings are to be cancelled on 23 November. Shareholders will receive their cash no later than 4 December.

The scheme needed the support of more than 75% of the votes of shareholders outside the management team, which owns 23.7% of ICG. At the shareholder meetings two months ago, 79.2% voted in favour, The Irish Times reports. Rothwell, who has led the group since 1992, owns 21.7% and the other managers a further 2%. His previous attempt to take ICG private, 19 years ago, ended without a deal after other investors built up stakes in the company.

nov 11 2026