Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million on June 20, 2024. A cash consideration of $100 million will be paid by Hanwha Systems Co., Ltd. and Hanwha Ocean Co., Ltd. The Purchase Price is not subject to any other adjustments. The Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS and other regulatory approvals The expected completion of the transaction will be during Q4 2024.
Advokatfirmaet BAHR AS acted as legal advisor for Philly Shipyard ASA. Faegre Drinker Biddle & Reath LLP acted as legal advisor for Philly Shipyard ASA.