Brittany Ferries is reportedly considering buying Condor Ferries.
The company, which operates ferries between the UK, France and Spain, has confirmed to ITV News an announcement is expected later today (24 June).
The owner of Condor Ferries, Macquarie, announced last year it was looking for buyers for the operator which sails between the UK, Channel Islands and France.
French media have reported Brittany Ferries has received a mandate from its shareholders to come up with a purchase plan, but that it would be reliant on other co-investors.
Macquarie purchased Condor Ferries in 2008 for an undisclosed sum thought to be around £260m though today has declined to comment on the development.
Speaking last year, when the prospect of a sale emerged, the CEO of Condor Ferries, Paul Luxon, said a sale would have no effect on the operation of the ferry service.