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May 22, 2017 / 6:39 AM

Fincantieri to buy majority stake in STX France

Fincantieri, the Italian shipbuilder, is in a deal to buy a majority stake in STX France.

A Fincantieri-built ship of the Italian Navy. Fincantieri photo.

A Fincantieri-built ship of the Italian Navy. Fincantieri photo.

May 22 (UPI) -- Italian shipbuilder Fincantieri S.p.A. plans to buy a majority stake in French shipbuilder STX France, which is based on the French Atlantic coast.

The deal for the purchase of 66.66 percent of STX France, owned by STX Europe, would involve about $89 million. Fincantieri said the purchase price would be financed through its available financial resources.

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"Through this industrial partnership, Fincantieri and STX France will create a global leader in all high-tech shipbuilding industry's sectors," Fincanieeri said in a new release.

The two companies sign the share purchase agreement late last week and Fincantieri is negotiating with the French government for the finalization of the shareholders' agreement.

The transaction is subject to customary regulatory conditions, Fincentieri said.

The financial adviser supporting Fincantieri in the transaction is BNP Paribas.

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