Cosco will pay a cash consideration of 6.7 million yuan ($968.4 million) to acquire the 40% stake held by Wartsila in the jointly owned entity Cosco Shipyard Total Automation, in which it presently holds the remaining 60% interest, according to a statement.
The entity, which provides automation system design, installation, commissioning and repair of marine and offshore products, as well as in marine and offshore electrical equipment design, will become a wholly-owned subsidiary of Cosco once the deal is completed.
Cosco
