Norway-based technology group Kongsberg Gruppen, the parent company of Kongsberg Maritime, has completed the previously announced acquisition of Rolls-Royce’s unprofitable business Commercial Marine for £500m ($654m).

Commercial Marine, which reported an underlying revenue of £726m ($949.6m) last year, is now officially part of Kongsberg Maritime and will operate under the Kongsberg brand and the Kongsberg Maritime legal entity.

The acquisition concluded after receiving approval from the European Commission and was initially signed in July last year following a strategic review of the business by Rolls-Royce.

With the unification of Kongsberg Maritime and Commercial Marine, Kongsberg is represented in 40 countries.

Kongsberg CEO Geir Håøy said: “Together, we are now well-positioned in the market and our ambition is to lead the development of the future maritime industry globally in close cooperation with customers and partners.

“We shall be the ocean space expert. We have spent a long-time planning and preparing, now the work of ensuring a successful integration begins.”

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“Our ambition is to lead the development of the future maritime industry globally in close cooperation with customers and partners.”

Following the acquisition of Commercial Marine, Kongsberg Maritime will now expand its global presence and customer proximity.

The company will support sustainable and secure marine operations for all vessel types through new technology, including automation, navigation and control systems.

Kongsberg will also leverage Commercial Marine’s expertise in maritime digitalisation, ship intelligence and technologies for autonomous vessels.

Kongsberg Maritime Global Sales and Marketing executive vice-president Bård Bjørløw said: “Our goal is to further develop our track record of innovation and dedication in helping our customers meet the evolving challenges of the maritime industry, be it through cutting-edge autonomy and digital solutions or highly reliable power and propulsion systems.”