Fincantieri said Friday that it has signed an agreement to buy 66.66% of the share capital of STX France shipyards from its current shareholder, STX Europe AS.
The Italian group said it would pay 79.5 million for the stake, through available financial resources.
Fincantieri said it was continuing negotiations with the French authorities to finalize 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," a statement read. "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".
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