Davie announced that it has finalized the acquisition of the assets of Finland’s Helsinki Shipyard.

The Canadian and Finnish shipyards will maintain separate legal and operating entities but with headquarters in Québec.

According to the press release, the details of the agreement remain confidential, however, the transaction was made possible by a combination of Davie’s funds and €77 million ($110 million) from the Québec government.

The completion of the transaction is the final step in a series of milestones, starting in December 2022. In March 2023, Davie exercised an exclusive option to purchase the assets of the shipyard. This was followed by the signing of a purchase agreement in April and finally, securing a new 50-year land lease from the City of Helsinki.

“We are delighted to bring two historic and highly complementary businesses together. It would not have been possible without the support of Québec, the City of Helsinki, Finland and Canada. We are confident our talented people and world-class supply chain will quickly form the preeminent global center of excellence for green Arctic shipbuilding, and other specialized products. Empowered by Helsinki shipyard’s unique know-how, Québec can also more efficiently deliver Canada’s polar icebreaker order book, which is the western world’s largest,” said James Davies, president and CEO of Davie.

Kim Salmi, managing director of Helsinki shipyard, added: “This is the best possible news for Helsinki shipyard, our talented workforce and our supply chain. After months of planning, our top priority is to rapidly return this business to what it does best – designing and building world-class ships quickly, efficiently and cost-effectively.”