Long-running sale saga appears to be over, but deal still to be cleared by regulators
The Chinese company, a maker of construction and agricultural machinery, will take a 75% stake in the Italian manufacturer, parent to brands such as Ferretti, Riva, Pershing and Mochi, for €178 million.
It is understood Ferretti Group will receive €100 million in new equity and see its debt reduced to around €120 million. It is also expected that the company will retain its headquarters and production facilities in Italy.
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The deal still has to be cleared by Italian regulators, and is expected to take between three and six months to complete.
Tan Xuguang, chairman of SHIG-Weichai Group, said: “Developing the yacht business is one of the Group’s strategic goals for the next five years.
“Through the acquisition, the Group will co-operate closely with this world-renowned yacht maker, providing Ferretti with new channels to market and capital support as well as other resources with which it can expand more effectively into emerging markets.”