Eurotunnel is to acquire three ships that were operated by SeaFrance which went into administration in January.
Under the deal, agreed by the Paris Commercial Court, it is paying 65m euros for the vessels: The Berlioz, The Rodin and The Nord-Pas-de-Calais, along with their related assets.
Eurotunnel plans to lease the ferries to an independent operating company which, it says, will create about 500 jobs in France and 100 in the UK.
The ferries will need a technical overhaul before being brought into commercial service, as SeaFrance was unable to complete necessary maintenance work before being placed into administration.
Jacques Gounon, chairman and chief executive officer of Groupe Eurotunnel, said: “I am delighted that the pragmatic approach taken by Eurotunnel has convinced the Commercial Court. This will aid economic development and will further support the transport of people and goods between the continent and Great Britain”.