Scandlines owner 3i Group has sold the Baltic ro-pax group, but simultaneously re-acquired a smaller stake.

The company said a deal to offload its 100% holding had an equity value of EUR 1.7bn ($2.1bn).

The buyers are First State Investments and Hermes Investment Management, two long-term infrastructure investors, representing primarily European pension companies.

3i decided to re-invest in Scandlines, taking a 35% slice.