Ferretti sold to Shandong Heavy Industries

Ferretti sold to Shandong Heavy Industries

Creditors sell 75 per cent of Italian yacht conglomerate to Chinese construction equipment manufacturer

A majority stake in the Ferretti Group has been acquired by the Shandong Heavy Industry Group - Weichai Group, according to a statement and press conference today in Jinan, China. Shandong Heavy's total investment will be €374m. Ferretti will retain its existing management, headquarters and production facilities in Italy.

The statement noted that Ferretti creditors agreed to sell 75 per cent of the Italian conglomerate to Shandong Heavy for €178m of equity investment and debt financing of €196m. The Royal Bank of Scotland Group Plc and Strategic Value Partners LLC will also acquire 12.5 percent stakes in Ferretti through a €25m equity injection and debt-to-equity swap. Ferretti's capital structure will be fully restructured with debt reduction to around €120m.

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Press Release from Ferretti Yachts