On November 3, 2023, Davie finalized the acquisition of Helsinki Shipyard Oy (HSO), marking a significant milestone in Arctic shipbuilding. The $110 million transaction, supported by the Québec government’s €77 million ($110 million) financing package, includes a €30 million ($43 million) equity investment and a €47 million ($67 million) loan. This acquisition will enhance collaboration between the two shipyards, while each will continue to operate as separate entities. The Québec-based headquarters will benefit from the increased synergy and expertise transfer between the companies, particularly in the construction of icebreakers for Canada’s National Shipbuilding Strategy.

The acquisition, initiated in December 2022 and solidified by a business purchase agreement in April 2023, was facilitated through a 50-year land lease granted by the City of Helsinki in July 2023. The deal is expected to stimulate growth, innovation, and export potential, particularly in green energy solutions for ocean-going fleets.

Legal advisors included Borden Ladner Gervais LLP for Davie, DLA Piper Finland for Helsinki Shipyard Oy, and Stikeman Elliott LLP representing Investissement Québec’s financial contributions. The transaction is seen as a strategic win for both Québec and Finland, bolstering shipbuilding expertise in the Arctic and international markets.