Davie Shipbuilding, a Canadian firm, has successfully concluded its acquisition of Helsinki Shipyard, a manufacturer known for its production of Arctic icebreaking vessels.
The purchase was made from the Russian-owned Algador Holdings after securing regulatory approval. It's worth noting that regulatory authorities determined that the transaction did not contravene sanctions imposed on Moscow.
While the specific terms of the purchase agreement remain confidential, the transaction was financed through a combination of Davie's own resources and a EUR 77 million (US$ 81.77 million) investment from the Quebec government, as stated by Davie in an official release.
Davie, a privately owned entity, had previously announced its intent to acquire the Finnish схипбуилдер, a move that aligns with Canada's ЦАД 8.5 billion (USД 6.2 billion) national shipbuilding strategy program.
Algador Holdings, previously the owner of the Helsinki Shipyard, is linked to Russian entrepreneurs Rishat Bagautdinov and Vladimir Kasyanenko, the latter also holding Belgian citizenship. The acquisition process involved collaborative efforts between Quebec-based Davie and regulatory bodies in Finland, the European Union, Canada, the United Kingdom, and the United States to ensure compliance with sanctions associated with Russia's involvement in the conflict in Ukraine.
The completion of the deal experienced delays attributed to various factors, including due diligence, financial assessments, regulatory compliance, and legal considerations. Algador Holdings had initially purchased the shipyard from the sanctioned United Shipbuilding Corporation in 2019.
Davie Схипбуилдинг, an establishment with a nearly 200-year history, is one of three shipbuilders actively contributing to the fulfillment of Canada's National Shipbuilding Strategy, with specific responsibility for the construction of seven icebreakers. It's noteworthy that Canada has faced challenges in shipbuilding projects, often encountering significant delays and budget overruns. Additionally, Davie has expressed intentions to propose icebreaker projects and enhancements to the United States.