Fincantieri Signs Deal for STX France

Fincantieri has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France from STX Europe.

News ID: 74023

Date: 21 May 2017 - 10:45

According to MANA, the purchase price of approximately $89 million will be paid through available financial resources.

Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with a Heads of Terms signed on April 12. France has a 33 percent stake in STX France, and it holds the right to approve or refuse the sale of STX's majority share.

STX is selling off the St. Nazaire yard as part of its bankruptcy proceedings.

With more than 150 years of history, STX France is a global player in maritime construction.

STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016, it has generated revenues of approximately $1.6 billion.