After months of speculation, Abu Dhabi MAR has acquired Blohm & Voss (B&V) Shipyard, a subsidiary of ThyssenKrupp Marine Systems (TMS) of Germany, for an undisclosed sum.
“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,” says Abu Dhabi MAR chairman Ahmad Darwish Al Marar.
“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 addition to acquiring the B&V yard in Hamburg, the UAE-based shipbuilding group has also purchased the civil shipbuilding facilities of the former HdW Gaarden yard in Kiel and all of its employees.
Abu Dhabi MAR will also acquire an 80 per cent stake in both B&V Repair and B&V Industries, both of Hamburg. The parties also agreed on the formation of a 50:50 strategic partnership for the design and programme management of naval vessels.
The deal is subject to regulatory clearance and is expected to close by the end of June 2010. On the naval side, the transaction is also subject to the approval of the German government under the provisions of the Foreign Trade Act (Au