Italy's Fincantieri said it will pay 79.5 million euros to acquire a 66.7% stake in the cruise shipyard at St. Nazaire, France.
The purchase, which equates to $89 million, provides an exit for STX Europe, the current majority stakeholder. The French government is the minority shareholder.
The St. Nazaire yard, currently called STX France, has 2,600 employees and a network of more than 500 subcontractors. In 2016, it had generated revenues of about 1.4 billion euros, Fincantieri said.
Fincantieri said it continues to negotiate with the French State for the finalization of the shareholders' agreement for STX France in accordance with the Heads of Terms signed on April 12.