Canadian shipbuilder and repairer, Davie has finalised the acquisition of the assets of Finland’s Helsinki Shipyard (HSO).
The transaction combines the skills, experience and capabilities of two leaders in Arctic shipbuilding and other high-value products, including small cruise ships.
While the Canadian and Finnish shipyards will be separate legal and operating entities, the business headquarters will remain in Québec.
The acquisition will create opportunities for employees, encourage collaboration, facilitate the transfer of know-how, provide access to resources, and stimulate export potential.
While the details of the business purchase agreement are confidential, the transaction was made possible by a combination of Davie’s own funds and by €77 mill ($110 mill) of financing from the Québec Government, consisting of an equity investment of €30 mill ($43 mill) and a loan of €47 mill ($67 mill).
A significant proportion of the funds will go to ensuring the shipyard has working capital while it gets up and running and secures new business.
Together, Davie and Helsinki Shipyard will deliver critical expertise for government and commercial customers.
The completion of the transaction is the culmination of a series of stages, beginning in December, 2022. In March, 2023, Davie exercised an exclusive option to purchase the assets of HSO.
This was followed in April by the signing of a business purchase agreement, and on 4th July, Davie secured a new 50-year land lease from the City of Helsinki.