A consortium including Brian Souter’s personal investment vehicle, Souter Investments, has won an auction to buy Istanbul ferry company IDO, bidding $861m. The consortium in which Souter has a 30% stake also includes three Turkish partners. IDO had sales of $231m last year, carrying 50 million passengers, and is understood to have been valued at 8.5 times its earnings.
Souter Investments has a history of interest in ferry businesses. It runs Fullers Ferries in New Zealand and in...
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