Fincantieri will acquire STX Osv, a company listed on the Singapore Stock Exchange, from STX Europe in two phases. The value of the transaction will be about 900 million euro. This was announced by the same public shipbuilding company in a press release, underlining that the acquisition will allow it to enter a complementary market with respect to the current ones. Stx Osv, in fact, is active in the construction of means of support for the extraction and production of oil and natural gas.
“With 21 shipyards in 3 different continents, almost 20.000 employees and revenues of 4 billion euros, the group doubles in size“, reads a note. Through its subsidiary Fincantieri Oil & Gas, the Italian company will first acquire 50,75% of Stx Osv at a price of approximately 455 million euros, to then complete the operation by the end of April 2013. Fincantieri will launch a public offer mandatory purchase on the remaining shares.
"The total value of the operation - the company continues -, including both the acquisition of 50,75% and the mandatory takeover bid, will be approximately 900 million euro and will be financed mainly through the use internal resources of Fincantieri and resorting to a bank loan granted by a syndicate made up of Banca IMI, Bnp Paribas (Italian branch), Carige and Unicredit. The financing transaction will also see the participation of Cassa Depositi e Prestiti in the role of lender guaranteed by Sace”.
According to the Fincantieri press release, Stx Osv has around 9.200 employees and 10 shipyards worldwide and, over the last three years, has generated average revenues of around 1,6 billion euros, an Ebitda of around 190 million and in the third quarter 2012 had a caseload of 2,1 billion euros.
