Yangzijiang to acquire 34% stake in Tsuneishi Group shipbuilding unit

The acquisition was valued at $152m.

Yangzijiang Shipbuilding (Holdings) Ltd. has entered a joint venture with Tsuneishi Holdings Inc. (THD), acquiring a 34% equity stake in Tsuneishi Group (Zhoushan) Shipbuilding Co., Ltd. (TZS) through a private share allotment.

The acquisition, valued at $152m (RMB833.1) is based on TZS's audited net asset value of $447.94m (RMB2.5) as of 31 December 2023. The full amount will be paid in cash using Yangzijiang’s internal funds.

The deal will make TZS an associated company of Yangzijiang and aims to strengthen their existing partnership, including their joint venture in Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. (YAMIC). 

The new joint venture is also expected to enhance their capabilities in research, development, shipbuilding, and supply chain management.