Japan’s Mitsui Engineering and Shipbuilding said it has approved the acquisition of 99.36% shares of Bonn-based engineering company TGE Marine.
MES is buying the shares from Caledonia Investments, Gasfin Investment and Dr. Küver GbR, the partnership belonging to the CEO of TGE. The deal is worth about €164 million.
TGE is an engineering, procurement, and construction supervision provider that, among other services, designs type-C pressurized gas tanks and gas handling systems, and supervises construction for small-to-medium sized gas carriers.
The company has a good market position in both the small LNG carrier and small ethylene carrier markets, and in the LPG carrier market, MES said in a statement on Monday.
In addition, TGE is expanding its business in the engineering and construction supervision of FSRUs.
“ MES believes the two companies will be able to establish excellent market position in the global small-to-medium sized gas carrier market ,” the company said.
MES added that it plans to conduct the necessary procedures under German law to make TGE a 100% subsidiary.