ThyssenKrupp sells Blohm+Voss to Abu Dhai MAR

German steel giant ThyssenKrupp announced on April 14 that its submarine, naval surface ship and premium segment yacht supplier subsidiary ThyssenKrupp Marine Systems and Abu Dhabi-based international shipbuilding group Abu Dhai MAR have signed a contract for the sale of Blohm + Voss to Abu Dhabi MAR.
 
The contract includes the acquisition of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden which are located in Kiel, Germany. Abu Dhabi MAR will also acquire an 80 percent stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both based in Hamburg.
 
The parties have also agreed on the formation of a 50:50 strategic partnership for the design and program management of naval vessels.
 
The two companies had already signed a memorandum of understanding in October 2009.
 
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). The closing is expected to take place by the end of June 2010.