Italian shipyard Fincantieri has entered a share purchase agreement with STX Europe to purchase 66.66% stake in STX France.

Finalisation of the €79.5m deal is subject to the relevant customary conditions.

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Fincantieri is also in negotiation with the French State to finalise the shareholders’ agreement for STX France in line with the heads of terms agreement signed on 12 April.

The agreement includes guidelines for future business plans, which have been shared with the French State’s Agence des Participations de l'Etat (APE) and prepared by Fincantieri for STX France.

Fincantieri seeks to develop into a global leader in the high-tech shipbuilding sectors upon completion of the deal, as the complementary nature of Fincantieri and STX France's cruise activities and products will enable the companies to serve a wide array of the clients and end-markets.

"The complementary nature of Fincantieri and STX France’s cruise activities and products will enable the companies to serve a wide array of the clients and end-markets."

The proposed combination will also allow the two organisations to generate additional value for shareholders, as well as employees and the respective subcontractors’ networks.

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STX France is based in Saint-Nazaire on the French Atlantic coast and operates a shipyard, which is currently engaged in the design and engineering of various kinds of ships.

The company generated approximately €1.4bn in revenue in 2016. It employs around 2,600 people and has a network of more than 500 subcontractors.

Fincantieri currently employs around 19,000 personnel and operates 20 shipyards across Europe, Asia and the Americas.