Abu Dhabi MAR, a leading shipbuilding group, has signed a strategic agreement with ThyssenKrupp Marine Systems for the acquisition of its Blohm + Voss businesses in Germany.

The contract includes the acquistion of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden including employees in Kiel, said the companies at the signing ceremony.

Abu Dhabi MAR said it will also acquire an 80 per cent stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both based in Hamburg. However, the value of the deal was not disclosed.

The two companies also agreed on a close strategic partnership, which will involve the establishment of a 50:50 strategic partnership for the areas of design and project management in naval surface shipbuilding. The duo had already signed a MoU in this connection last October.

Ahmad Darwish Al Marar, chairman of Abu Dhabi MAR, said, 'The agreement is an important milestone for Abu Dhabi MAR in the implementation of our strategy to position ourselves as a world leading shipbuilding company.'

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, he noted.

Dr. Olaf Berlien, member of the Executive Board of ThyssenKrupp AG, said, “In Abu Dhabi MAR we have found a suitable partner for a highly promising long-term relationship. This strategic partnership represents a solid foundation for the future of the shipyard and will make it possible to attract new customers.”

The transaction is subject to clearance required under merger control laws. For the naval side, the transaction is subject to disclosure requirements under the German Foreign Trade Act. The closing is expected to take place by the end of June 2010, it added. 

Abu Dhabi MAR was advised by International Investment House, the investment company headquartered in Abu Dhabi, as well as Corporate Finance Advisor Hans Lotter, the international law firm Allen & Overy LLP and Deloitte & Touche GmbH, the accounting firm on this deal.-TradeArabia News Service