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JSV Zaliv Shipyard to Acquire 51% of Shares in Bergen Group ASA's Shipbuilding Division


Friday, 19 Jul 2013 05:29am EDT 

Bergen Group ASA announced that the Company has entered into a Share Purchase Agreement for the group's Shipbuilding Division with JSV Zaliv Shipyard, Ukraine (Zaliv), a hull construction shipyard. For a purchase price of USD 18.2 million, Zaliv will acquire 51% of the shares in a newly incorporated company which will own all of Bergen Group's shipbuilding assets, other than existing projects, which will remain with Bergen Group. Completion of the transaction is contingent upon i.a. different consensus from third parties, anti-trust approvals and other customary closing conditions. Completion is expected to take place before year end 2013. On completion of the transaction the two shareholders will contribute in aggregate NOK 50 million in working capital to the new Company ensuring a sound capital base for further expansion. Fearnley Securities has acted as financial advisor for Bergen Group in the transaction. 

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