Namura Shipbuilding Co., Ltd. completed the acquisition of Sasebo Heavy Industries Co., Ltd. from Nippon Steel & Sumitomo Metal Corporation, Metal One Corporation and other shareholders.
October 01, 2014 at 12:00 am EDT
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Namura Shipbuilding Co., Ltd. (TSE:7014) signed an agreement to acquire Sasebo Heavy Industries Co., Ltd. (TSE:7007) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401), Metal One Corporation and other shareholders for ¥17.8 billion on May 23, 2014. One share of Sasebo Heavy Industries will be exchanged with 0.128 shares of Namura Shipbuilding. Namura Shipbuilding will issue 20.54 new shares as consideration. The deal is conditional on approval by shareholders of Namura Shipbuilding and Sasebo Heavy Industries. The meeting of shareholders of Namura Shipbuilding and Sasebo Heavy Industries will be held on June 24, 2014 and June 25, 2014 respectively. Sasebo Heavy Industries to delist from Tokyo Stock Exchange and Fukuoka Stock Exchange on September 26, 2014. The transaction is expected to close on October 1, 2014.
As of June 24, 2014, the transaction was approved by the shareholders of Namura Shipbuilding Co., Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as valuer for Namura Shipbuilding and KPMG FAS Co., Ltd. acted as valuer for Sasebo Heavy. Nagashima Ohno & Tsunematsu acted as legal advisor for Namura Shipbuilding Co., Ltd. and Mori Hamada & Matsumoto Law acted as legal advisor for Sasebo Heavy Industries Co., Ltd. Masahisa Ikeda, Naomi King and Yuko Ohba of Shearman & Sterling LLP acted as advisor for Namura Shipbuilding.
Namura Shipbuilding Co., Ltd. (TSE:7014) completed the acquisition of Sasebo Heavy Industries Co., Ltd. (TSE:7007) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401), Metal One Corporation and other shareholders on October 1, 2014.
Namura Shipbuilding Co Ltd mainly manufactures and sells ships, machinery and steel structures, and repairs ships. The Company operates in four business segments. The New Shipbuilding segment manufactures and sells various ships. The Repair Ship segment repairs ships. The Steel Construction and Machinery segment purchases the materials, manufactures marine equipment such as crankshafts. The Others segment is involved in the software development, sales of information equipment, equipment maintenance, security operations, ship maintenance and after-sales service and others.
Namura Shipbuilding Co., Ltd. completed the acquisition of Sasebo Heavy Industries Co., Ltd. from Nippon Steel & Sumitomo Metal Corporation, Metal One Corporation and other shareholders.
NAMURA SHIPBUILDING CO., LTD. 
