The Board of Directors of Mitsui Engineering and Shipbuilding Co. Ltd (MES) has announced that it has approved the acquisition of 99.36% of the outstanding ordinary shares in TGE Marine AG from Caledonia Investments plc, Gasfin Investment S.A. and Dr. Küver GbR, the partnership belonging to the CEO of TGE Marine.
After the acquisition, which is valued at €164 million, TGE Marine will be a consolidated subsidiary of MES.
A statement from MES said that it expects the two companies to establish a strong market position in the global small to medium sized gas carrier market and offer high value-added solutions to their customers.
MES said that TGE Marine is of significant strategic importance to achieving the group’s mid to long-term growth strategy.
Edited from press release by Callum O'Reilly
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