The deal to take the Steam Packet Company into public ownership will be positive for the Manx economy and the ferry firm.

That's the view of Steam Packet chief executive Mark Woodward after Treasury Minister Alfred Cannan signed the document to complete the acquisition last week.

Mr Woodward said: ’I am confident the acquisition by government will consolidate the excellent relationship between the company and government and create a strong long-term platform to deliver continued investment in sea services that meet the needs of the island.’

He added: ’It was also encouraging to hear Tynwald members express appreciation of our staff who have a wealth of experience and expertise and who will continue to run the day-to-day operation of the business.

’I feel sure this agreement will deliver significant value in the years to come and stabilise the long-term future of sea services.’

Mr Cannan told iomtoday: ’There were no last-minute hitches. It will be business as usual for the time being.’

Under the terms of the £124.3m deal, approved by Tynwald, the government has acquired a 100% shareholding of parent company MIOM. The newly state-owned ferry company will be operated at arm’s length from the government.

Some £76m of the purchase price will be accounted for as a loan, to be refinanced by the Steam Packet within 12 months.