The deal to take the Steam Packet Company into public ownership has been signed.

Treasury Minister Alfred Cannan signed the document to complete the acquisition at 1pm today, in the presence of Chief Minister Howard Quayle.

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 last week, 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.