The well known international shipbuilding group Abu Dhabi MAR and ThyssenKrupp Marine System signed a contract for sale of Blohm + Voss to Abu Dhabi MAR.
Included in the contract are the acquisition of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden, which include the employees in Kiel. Abu Dhabi MAR will also obtain 80% share in each of Blohm + Voss Repair and Blohm + Voss Industries of Hamburg.
Both parties came to an agreement on a formation of a 50:50 strategic partnership for the design and program management of naval vessels.
His Excellency Ahmad Darwish Al Marar, Chairman of Abu Dhabi MAR, said: “This agreement is an important milestone for Abu Dhabi MAR in the implementation of our strategy to position ourselves as a world leading shipbuilding company. The aim of this transaction is to generate long-term growth, strengthen the international market position of the company, expand our product range and gain access to new customers.”
“In Abu Dhabi MAR we have found a suitable partner for a highly promising long-term relationship. This strategic partnership represents a solid foundation for the future of the shipyard and will make it possible to attract new customers,” said Dr. Olaf Berlien, member of the Executive Board of ThyssenKrupp AG.
The transaction is subject to clearance required under merger control laws. For the naval activities, the transaction is also subject to the approval of the German government under the provisions of the Foreign Trade Act (Außenwirtschaftsgesetz).
By the end of June 2010 the closing should have taken place.
Abu Dhabi MAR was advised by International Investment House, the investment company headquartered in Abu Dhabi, as well as Corporate Finance Advisor Hans Lotter, the international law firm Allen & Overy LLP and Deloitte & Touche GmbH, the accounting firm.
