Italy’s Fincantieri announced it has signed a share purchase agreement for the acquisition of 50% of the share capital of STX France from the French state.
The agreement provides for a purchase price of euro 59.7 million (approx. USD$74M).
The signing takes place after the resolution of the share purchase agreement previously signed between Fincantieri and STX Europe on May 19, 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 July 28, 2017 and follows the signing of the share purchase agreement between the French State and STX Europe.
The signing is part of the agreement announced on September 27, 2017 by the Italian and French governments regarding the future shareholding structure of STX France.
Pursuant to this agreement, upon closing the parties will also execute the shareholders agreement and the stock lending agreement relating to 1% of the share capital of STX France which will be lent by APE to Fincantieri upon terms and conditions already agreed between the parties.
After the closing of the transaction, the shareholding structure of STX France will be the following:
Fincantieri (Fincantieri Europe S.p.A.): 50.00% (an additional 1% will be borrowed from APE)
French State (APE): 34.34% (of which 1% to be lent to Fincantieri)
Naval Group: 10.00% (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 2.40%
Local companies: up to 3.26%
Fincantieri will be appointing four members to the STX France’s board of directors (including the Chairman and the CEO). Two members appointed by the French State while French shipbuilder Naval Group and the employees will be appointing one member each. The chairman of the board will have a casting vote.
STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016 it generated revenues of approximately euro 1.4 billion.
STX France is also the only shipyard in the country capable of constructing aircraft- and helicopter carriers.