Star Capital Closes In On ThyssenKrupp Deal

ThyssenKrupp is close to signing a deal with UK-based buyout shop Star Capital to sell the civilian shipbuilding businesses of its Blohm + Voss unit, Reuters reported Monday. Hamburg-based Blohm + Voss makes yachts for the rich as well as submarines and frigates.

(Reuters) – ThyssenKrupp is close to signing a deal with UK private equity fund Star Capital to sell the civilian shipbuilding businesses of its Blohm + Voss unit, a source familiar with the matter said on Monday.

“It could be signed very very soon,” a Blohm + Voss source said.

A spokeswoman for ThyssenKrupp said a decision was expected to be made by Jan. 20 at the latest when ThyssenKrupp holds its annual shareholders meeting, she said.

“The talks with a European financial investor regarding the sale of the civilian businesses of Blohm + Voss are at a very advanced stage,” the spokeswoman said.

ThyssenKrupp is not selling the naval shipbuilding activities of Blohm + Voss, the Hamburg-based company which makes yachts for the rich as well as submarines and frigates.

The impending deal with Star Capital comes after ThyssenKrupp scrapped an agreement in July this year with Abu Dhabi MAR group to sell subsidiaries Blohm + Voss Shipyards, Blohm + Voss Repair and Blohm + Voss Industries.

Star Capital declined comment.

Financial Times Deutschland reported on Monday the sale of the three Blohm + Voss units could be concluded within the next 14 days.