Brittany Ferries will now have majority ownership of Condor Ferries.
This has now been confirmed by the Jersey Competition Regulatory Authority.
The French ferry firm, based in Roscoff, will own a 51% stake in the company.
News broke last month that Brittany Ferries had applied for approval to increase their shares in the company.
Permission for the takeover has now been confirmed, with further details expected in the next few days.
Condor, which has run passenger and freight services from the Channel Islands to the UK and France for 60 years, is currently facing competition for its contract, which is up in March 2025.
The company lost £1.5 million in the 2022-2023 financial year, according to accounts filed at UK Companies House.
In a statement to France 3 Bretagne, a spokesman for Brittany Ferries said, "Condor Ferries, which has been linking the United Kingdom and France to Jersey and Guernsey for 60 years, suffered greatly during the two years of Covid crisis.
"Brittany Ferries will apply to Condor Ferries the keys to its own success with common management and strong values, Starting with the defence of a social model for sailors and a reinforced commitment to maritime decarbonisation.”
We should know in October which ferry firm will be taking over.
READ MORE: Ferry Operator announced 'in October'
While the shortlist has not been confirmed, three companies, Condor Ferries, DFDS and Irish Ferries, are understood to have bid for the contract.
Passengers are currently unable to book any ferry travel from the Channel Islands beyond next spring.
Islands Energy boss Jo Cox steps down
School trips to Jersey's Mont Orgueil are award-winning
FIRST LOOK: Images from the new Bergerac TV series
Island Walk raises £140k
UK man jailed for importing cocaine into Jersey - hidden in a toolbox
Jersey landlords' group helping to rewrite standards guidance
