OAO Buys Stake in STX Shipyard in Helsinki

28 November 2010 (Last Updated November 28th, 2010 18:30)

OAO United Shipbuilding has acquired a 50% stake in STX Europe's shipyard in Helsinki, Finland, for €150m ($200m). The Russian state-controlled shipbuilder invested €2m ($2.6m) into a joint venture with STX Europe, a unit of South Korea's STX Group. The remaining &euro

OAO United Shipbuilding has acquired a 50% stake in STX Europe’s shipyard in Helsinki, Finland, for €150m ($200m).

The Russian state-controlled shipbuilder invested €2m ($2.6m) into a joint venture with STX Europe, a unit of South Korea’s STX Group.

The remaining €148m ($196m) will be secured from future profits of the shipyard.

The sale agreement includes an option to buy 20.4% of STX unit Aker Arctic Technology.