zoomImage Courtesy: STX France

Italian shipbuilder and ship designer Fincantieri has signed a share purchase agreement for the acquisition of 66.66% of the share capital of STX France from its current shareholder, STX Europe AS.

The agreement entails a purchase price of EUR 79.5 million (USD 88.5 million), to be paid through available financial resources, Fincantieri said.

The closing of the transaction will be subject to customary conditions for this kind of transactions.

Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with the Heads of Terms signed on April 12.

Based in Saint-Nazaire, on the French Atlantic coast, STX France ”operates one of the most modern shipyards in the world and has great expertise in the design and engineering of the most complex and innovative ships,” Fincantieri said.

STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016 it generated revenues of approximately EUR 1.4 billion.

”Through this industrial partnership, Fincantieri and STX France will create a global leader in all high-tech shipbuilding industry’s sectors. The perfect complementarity of Fincantieri and STX France cruise activities and products would allow the two companies to serve all the clients and end-markets and to generate value not only for the shareholders, but also for the employees and the respective subcontractors’ networks,” Fincantieri said in a statement.