Through its subsidiary Fincantieri Europe, Fincantieri has signed a share purchase agreement (SPA) for the acquisition of 50% of the share capital of STX France from the French State, represented by the Agence des Participations de l’Etat (APE).
The signing took place after the resolution of the SPA previously signed between Fincantieri and STX Europe on 19th May, 2017 as a consequence of the exercise by the French State of its pre-emption right for the acquisition of the entirety of STX France share capital on 28th July, 2017 and follows the signing of the SPA between the French State and STX Europe.
The acquisition by Fincantieri is still subject to the closing of the transaction between the French State and STX Europe and to customary conditions.
The agreed purchase price was €59.7 mill, which Fincantieri said, will be paid through available financial resources.
After the closing of the transaction, STX France’s shareholding structure will be the following:
⦁ Fincantieri (Fincantieri Europe): 50% (an additional 1% will be borrowed from APE).
⦁ French State (APE): 34.34% (of which 1% to be lent to Fincantieri).
⦁ Naval Group: 10% (or 15.66% if the employee ownership plan referred to below or/and the participation of a group of local companies cannot be implemented at the same time).
⦁ STX France employees: up to 2.4%.
⦁ Local companies: up to 3.2%.
The STX France board will be composed of:
⦁ Four members appointed by Fincantieri (including the Chairman and the CEO).
⦁ Two members appointed by the French State.
⦁ One member appointed by Naval Group.
⦁ One member appointed by the employees.
STX France has around 2,600 employees and a network of more than 500 sub-contractors. In 2016, it generated revenues of about €1.4 bill.
Both companies are prolific cruise ship builders and designers.