Eurotunnel is to sell its ferry arm MyFerryLink following a ban by the UK competition regulator from operating on the Dover-Calais route.
The channel tunnel operator was given six months to shut the operation in a ruling last September.
The group was to appeal a decision by the Competition and Markets Authority to prevent MyFerryLink from operating the former SeaFrance ferries Berlioz and Rodin on the cross channel route.
It described the decision as “illogical” claiming that it reduces competition and it is contrary to the interests of free trade.
But Eurotunnel said today: “In view of the requirement to cease operations within six months, which has been confirmed, and to realise the value of the work achieved, Eurotunnel will now seek a buyer for MyFerryLink.”
Chairman and chief executive Jacques Gounon said: “MyFerryLink is an operating and commercial success. We are proud to have succeeded where so many others have failed.
“Given the position of the British authorities, the future of MyFerryLink will now be determined outside the group.”
Eurotunnel acquired the assets of defunct SeaFrance in June 2012 with operations starting in August that year.
Eurotunnel sub-contracted the operation of the ferries Rodin, Berlioz and Nord-Pas-de-Calais to an independent company, the SCOP SeaFrance.
MyFerryLink handled 350,000 cars and almost 400,000 trucks last year.
“Eurotunnel is proud to have created a competitive and respected cross-channel ferry brand in just two and a half years and with no support whatsoever,” the company said.
“Eurotunnel congratulates the SCOP, its management and staff for their professionalism and the quality of their service.”