The State of Finland and the German shipbuilder Meyer Werft have signed an agreement with the ship-yard’s owner STX Europe AS regarding the purchase of the whole share capital of STX Finland Oy.
The exact purchase price in the transaction cannot be disclosed, but the current distressed situation of the company was reflected on the valuation of the company, and therefore, also on the final purchase price.
Meyer is to become the industrial lead investor with its 70 per cent ownership share, carrying a main re-sponsibility for the yard’s operations and its further development. State‘s ownership share will, through the Finnish Industry Investment Ltd (FII, fully government owned investment company), be 30 per cent.
The investors are committed to injecting a substantial amount of new equity to the new company, which will constitute a solid basis for further developing of the shipyard.
The FII investment will be done following FII’s normal investment policy and criteria. Taking into account the fact that FII only acts as a co-investor (in minority role), the investment is also done fully on market terms. FII also has the possibility for an exit at a later stage – in line with the FII normal practice.
– I am very pleased that the prolonged process is now approaching an elegant solution. A greatly re-spected industrial partner with long traditions in the field now fully works to bring its expertise to further help develop the Turku shipyard, notes Mr. Jan Vapaavuori, Minister of Economic Affairs.
The estimated value of the orders is expected to amount to almost 1 billion euros, and would help create a direct employment effect of at least 12,000 man years. The cruise vessels will be delivered in 2016 and 2017. The state of Finland will also be involved in developing the shipyard by preparing to grant a total of 10 million euros of innovation aid to two new TUI-cruise vessels. In addition, the order envisages two option vessels. The agreed order book, including the option vessels, would therefore amount to a total of around 2 billion euros.
– Co-operation between the State and Meyer as well as the confirmed new cruise vessel orders show that the know-how in Turku with its supplier network are attractive business partners internationally. The achieved solution will help further develop the yard’s operations that have long historic traditions and unique knowledge, Mr. Vapaavuori notes.
The transaction can be finally closed and the ownership change completed once the German competi-tion authority will have completed its merger control review, and final decisions regarding construction financing with the commercial banks will have been obtained.
Further information:
Ms. Laura Manninen, Special Adviser to the Minister of Economic Affairs, tel. +358 29 506 3533
Mr. Antti Kummu, Director, Finnish Industry Investment Ltd. tel: +358 50 432 4486