M&As this week: Shanghai Zhenhua Heavy Industry, SolstadFarstad
China-based construction firm Shanghai Zhenhua Heavy Industry plans to acquire 50% stake in the Hong Kong-based ship-owning company Greenland Heavylift Holdings for $63.5m.
The agreement also includes an option to further increase its stake to 51% at a later date.
Shanghai Zhenhua is engaged in the manufacturing and installation of port loading and unloading systems and equipment, marine heavy equipment, and other machinery and large metal structures.
Solstad Offshore, Farstad Shipping and Deep Sea Supply have merged to form a combined company named SolstadFarstad.
SolstadFarstad’s fleet will include approximately 150 vessels and focus primarily on capturing the high-end market for offshore service vessels (OSVs).
The combined company will also be involved in the renewable energy sector and aqua culture.
SolstadFarstad is set to be headquartered in Skudeneshavn, Norway, and will also have offices in Australia, Brazil, Singapore, the Philippines, Cyprus, Ukraine and Scotland.