Beijing: China's AVIC International Investment has announced that the group has entered into a conditional sale and purchase agreement with a list of investors of Deltamarin, to acquire 4650 issued and registered shares of Deltamarin which represents the entire issued share capital of Deltamarin, for €32.1m ($41.45m).
According to the company’s release, 3700 Deltamarin shares will be sold and paid for in cash, while 950 Deltamarin Shares will be sold in exchange for shares in a special purpose vehicle (“SPV”) which will be incorporated as an indirect subsidiary of the Company for the purpose of holding such Deltamarin Shares.
AVIC International said Deltamarin’s strong in-house research, development and design capabilities in terms of a wide range of vessels as well as its rich client base will greatly complement the business of the group and contribute to its growth strategy in shipping.
In June Deltamarin was commissioned to assist with the Titanic II project to be built at CSC Jinling Shipyard.[15/10/12]