Canada's Davie completes purchase of Helsinki Shipyard from Russia's Algador

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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWireTORONTO - Canadian firm Davie Shipbuilding has completed the purchase of Helsinki Shipyard, maker of Arctic icebreaking vessels, from Russian-owned Algador Holdings after securing regulatory approval, Davie said on Friday.

While the terms of the purchase agreement are confidential, the transaction was funded by a combination of Davie’s own funds and by 77 million euros of financing from the Québec government, according to a statement from Davie. Algador Holdings is owned by Russian businessmen Rishat Bagautdinov and Vladimir Kasyanenko, who is also a Belgian citizen. Quebec-based Davie worked with regulators in Finland, the EU, Canada, the UK and the U.S. to ensure the deal was not in violation of sanctions related to Russia's war in Ukraine, said the source, who was not authorised to speak about the matter publicly.

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