Finland Takes Majority Stake in Aker Arctic Technology Inc.
A Finland government owned investment company, Finnish Industry Investment Ltd, has today purchased a 66.4 per cent majority stake of the shares of Aker Arctic Technology Oy (Aker Arctic) from STX Finland Oy.
Aker explain that In recent months the Ministry of Employment and the Economy has been studying actively the possibilities for securing the Company's know-how and further development in Finland. The transfer of the Company´s know-how, such as intellectual property rights, away from Finland, would have meant a serious setback for the entire Finnish Arctic marine industry's future development.
Aker Arctic is one of the world's leading companies in Arctic marine logistics and offshore solutions as well Arctic vessels design. The Company's other shareholders ABB Oy Finland and Norway's Aker Engineering and Technology AS, part of the Aker Solutions group, are holding equal shares, each 16.8 per cent.
The value of the deal is 9.3-million euros. Acquisition is being carried out at market terms based on an external expert valuation. At the same time, the minority shareholders will increase their share in Aker Arctic on equal terms with the state acquisition.
“Arctic shipping is expected to increase substantially in the upcoming years and decades. As a world leader in solutions for development of Arctic engineering Aker Arctic has good prospects to gain a significant market share in the industry. This of course also has a positive impact on the Company´s long-term value. That is why I consider this deal highly successful from the state’s point of view”, Finland's Minister of Economic Affairs, Mr. Jan Vapaavuori says.