After many months of discussions, the Isle of Man Government has reached a definitive agreement to buy the Isle of Man Steam Packet Company.
The company will be purchased subject to Tynwald approval.
It will continue to be run by existing management who say it will be very much 'business as usual' in the day-to-day operation.
Chief executive Mark Woodward said: ‘I am pleased to say a deal has been reached, subject to Tynwald approval, for the Isle of Man Government to acquire the Steam Packet Company.
‘If approved, this deal will consolidate the excellent relationship between the Company and Government and create a strong long-term platform to deliver continued investment and sea services that meet the needs of the Island.
‘I am confident these are positive proposals for both the Isle of Man economy and the Isle of Man Steam Packet Company.’