A DIVISION of an Australian-based banking giant has agreed a deal to buy ferry company Condor for an undisclosed multi-million-pound sum.

Macquarie European Infrastructure Fund 2 announced yesterday that it had agreed to acquire Admiral Holdings Ltd, the owner and operator of Condor Group. The fund is a division of the giant Macquarie Group, which is primarily an investment and banking conglomerate with over £110 billion worth of assets worldwide.

The deal – which still needs approval from the Island’s competition regulator – has been hailed as one that will secure the long-term future of Condor. The expected new owners are investors in infrastructure and already own ferry operations which link the Isle of Man and the Isle of Wight to the UK.

Condor chief executive Rob Provan said: ‘It will be business as usual. There are no plans to change the management, timetables, or anything else. This is a good deal for the company. The business is stable and it is very important to have owners interested in the long term.’