The UK-based investment fund Basalt Infrastructure Partners II LP announced it has closed the acquisition of a 30% interest in the Italian ferry company Caronte & Tourist.

The terms of the transaction were not disclosed but the price might stand around €150m according to some financial sources. Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in Europe and North America. Basalt also controls Wightlink.

Caronte & Tourist owns and operates 26 ferries providing lifeline ferry services between Sicily and the Italian mainland (Strait of Messina) and between Sicily and the Sicilian minor islands. “The company has a proven and well-established management team responsible for a strong core business with additional growth potential” said Rob Gregor, managing partner of Basalt Infrastructure Partners.

“We are very excited to welcome Basalt as a long term partner in our business. Their investment coupled with our market-leading position and knowledge help deliver the industrial plan of the company, growing the business to meet the needs of the Island and pursue further growth opportunities” added Antonino Repaci, chairman of Caronte & Tourist.