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Fincantieri to pay €79.5m for majority stake in STX France; combined orderbook of 41 cruise ships

STX France has approximately 2,600 employees and a network of more than 500 subcontractors STX France has approximately 2,600 employees and a network of more than 500 subcontractors

Fincantieri has signed a purchase agreement valued at €79.5m for the acquisition of 66.66% of the share capital of STX France from its current shareholder STX Europe AS.

Financial advisor supporting Fincantieri for the transaction is BNP Paribas.

Fincantieri is continuing 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, 2017.

Based in Saint-Nazaire, on the French Atlantic coast, STX France has approximately 2,600 employees and a network of more than 500 subcontractors.

In 2016 it generated revenues of approximately €1.4bn.

According to Seatrade, the combined cruise orderbook of STX and Fincantieri amounts to 41 firm ocean-going newbuilds plus options: STX France accounts for 12 ships and Fincantieri 29, in a forward orderbook to 2025.

Any change to the forecasts envisaged by Fincantieri's 2016-2020 Business Plan will be evaluated and disclosed based on the finalization of the agreements among future shareholders of STX France, reported the Italian industrial group.

 

Posted 19 May 2017

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Mary Bond

Managing director publishing and content at Seatrade

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