Fincantieri has signed a share purchase agreement for the acquisition of 66.66 per cent of the share capital of STX France from its current shareholder STX Europe.
The agreement entails a purchase price of €79.5 million, to be paid through available financial resources.
Fincantieri said in a statement: “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 that it continues to negotiate with the French State for the finalisation of the shareholders’ agreement for STX France in accordance with the heads of terms signed on 12 April.
STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016 it generated revenues of approximately €1.4 billion.
The closing of the transaction will be subject to customary conditions for this kind of transaction, Fincantieri said in a statement.