Italy-based shipbuilder Fincantieri has signed a share purchase agreement to acquire 66.66% of the share capital of STX France from its current shareholder STX Europe.
Fincantieri will purchase the shares for €79.5 million. The shipyard group is still negotiating with the French government to finalise the shareholders’ agreement for STX France in accordance with the heads of terms signed on 12 April 2017. The French government also holds a 33% minority stake in STX France.
Founded more than 150 years ago, STX France is based in Saint-Nazaire on the French Atlantic coast. STX France has around 2,600 employees and a network of more than 500 subcontractors. The yard has built some of the world’s biggest cruise ships and currently has orders from Royal Caribbean International, MSC Cruises and Celebrity Cruises on its book until 2026. In 2016, the shipyard generated around €1.4 billion in revenues.
When the acquisition is finalised, Fincantieri and STX France aim to become the global leader in both the cruise ship building market, as well as other marine sectors.