EU allows merger of TKMS and Abu Dhabi Mar

The merger raises no competition concerns although there might be a slight overlap in the market for mega-yachts. The merger will be implemented in two steps: first, Abu Dhabi Mar acquires the civilian shipbuilding division of

TKMS

, including the shipyard Blohm + Voss in Hamburg, and the civilian institutions of the German shipyard HDW Gaarden in Kiel. Abu Dhabi MAR will also acquire an 80% stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both of Hamburg.

In the second phase, Abu Dhabi Mar and

TKMS

will establish a 50:50 joint venture strategic partnership controlled by two companies for the design and program management of surface naval vessel shipbuilding. The submarine business of

TKMS

is not affected by the transaction.