Italian shipbuilding company Fincantieri, via its subsidiary Fincantieri Europe, has entered a share purchase agreement to purchase 50% of the share capital in STX France from the French Government for €59.7m.

France’s Agence des Participations de l’Etat (APE) is representing the government in this deal, which follows the resolution of a share purchase agreement that was previously signed between Fincantieri and STX Europe in May last year.

The new deal also follows a share purchase agreement that was signed between the French State and STX Europe regarding the complete ownership of STX France.

Furthermore, it supports a previous agreement between the French and Italian governments concerning the future shareholding structure of STX France, which was revealed in September last year.

The completion of the agreement is subject to the closing of the transaction between the French State and STX Europe, in addition to related customary conditions.

The parties involved are set to execute the shareholders agreement following the deal’s completion, as well as the stock lending agreement relating to 1% of STX France’s share capital, which will be lent by APE to Fincantieri.

Fincantieri and the French State are set to own 50% and 34.34% of the total shares in STX France respectively after the deal’s completion.

France-based military firm Naval Group will also be allowed to control 10% stake in STX France as part of the arrangement.

In addition, STX France employees and local companies will be able to own up to 2.40% and up to 3.26% shares in STX France respectively.

According to Fincantieri, the newly signed deal is expected to help create a future alliance in both the cruise and military naval sectors.