Ferretti's Owner Aims to List Yacht Maker
Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday."The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end."It is up to shareholders to decide…
Marlink Buys Majority Stake in OmniAccess
Apax Partners backed Marlink said it has signed a definite agreement to acquire a majority stake in fellow maritime VSAT services firm OmniAccess. The transaction remains subject to customary regulatory approval and closing is expected in the first half of 2018. OmniAccess’ existing management team will remain unchanged and continue to keep a significant shareholding in the company. OmniAccess will remain a stand-alone company, functioning as the competence center for broadband connectivity solutions for the high-end superyacht and boutique cruise-line customers.
Volvo Penta Buys Majority Stake in Seven Marine
Volvo Penta informs it has signed an agreement to become the major owner of U.S. based outboard motor manufacturer, Seven Marine, enabling the Swedish company to extend its scope of integrated propulsion systems. “With this acquisition, Volvo Penta is entering the outboard motor segment,” said Volvo Penta president, Björn Ingemanson. Volvo Penta said the deal will broaden its technology platform, while Seven Marine will be able to further develop its existing outboard technology to satisfy a wider range of needs for its customer base.
Volvo Penta Debuts New Diesel Engine and IPS
Ever since the global financial meltdown of 2008 briefly crippled the world leisure boat market, Volvo Penta adopted a strategy to increase its commercial market share with its family of innovative propulsion systems and controls. Last week off the west coast of Sweden, Maritime Reporter & Engineering News got up close and personal with the new D8 diesel and IPS15 pod, as well as the full range of command and control products courtesy of a day of test drives at Krossholmen, Volvo Penta’s Global Marine Testing Center.