Germany-based steel giant ThyssenKrupp AG has signed a sale and purchase agreement with UK-based Star Capital Partners regarding the civil shipbuilding activities of ThyssenKrupp Marine Systems as a part of its integrated strategic development program.
The sale and purchase agreement covers the companies Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries as well as their subsidiaries. Star Capital Partners will continue the operations at all sites.
According to ThyssenKrupp's statement, the transaction is subject to the approval of the supervisory bodies and competition authorities and approval under Germany's Foreign Trade Law (AWG). The transaction is expected to close in the first quarter of 2012.
ThyssenKrupp said that it will concentrate on military surface vessel and submarine construction in the future.