FINCANTIERI S.p.A. (“Fincantieri” or the “Company”) announces that it signed today a share purchase agreement for the acquisition of 66.66% of the share capital of STX France from its current shareholder STX Europe AS (“STX Europe”).
The agreement entails a purchase price of euro 79.5 million, to be paid through available financial resources.
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.
With more than 150 years of history, STX France is a global player in maritime construction. Based in Saint-Nazaire, on the French Atlantic coast, the Group 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. STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016 it has generated revenues of approximately euro 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.
Any change to the forecasts envisaged by Fincantieri 2016-2020 Business Plan will be evaluated and disclosed based on the finalization of the agreements among future shareholders of STX France.
The financial advisor supporting Fincantieri for this transaction is BNP Paribas.
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