Dechert advised the German supplier of maritime systems Nordic Yards Holding GmbH and its shareholder Dr. Vitaly Yusufov on the sale of all of the company’s assets to Genting Hong Kong for a total consideration of around EUR 230 million, subject to approval of cartel offices.
In Malaysia’s Genting Group, a strategic investor has been found to enable the continued existence of the three shipyards in Wismar, Rostock and Stralsund. At the start of the year Genting, a major cooperation with worldwide operations, already acquired all the shares in Bremerhaven’s Lloyd Werft. The result is a group consisting of four shipyards in Northern Germany.
The German Dechert team led by corporate partner Federico G. Pappalardo included Dr. Olaf Fasshauer who advised on finance and real estate aspects, Dr. Martin Haisch for tax as well as corporate associates Carina Klaes-Staudt, who also advised on tax, labor law and real estate aspects as well as Dr. Armin Fary and Christian Böhme. Dechert previously advised Nordic Yards and Vitaly Yusufov on the acquisition of all assets of third largest German shipbuilder Wadan Yards and on the acquisition of German-based shipyard P+S Werften GmbH.
Read the press release in German (PDF), "Dechert berät Nordic Yards bei Verkauf an Genting Hong Kong."
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