Kuzey Star Shipyard bids €12 million for Croatian shipyard Uljanik

Croatia’s Centre for Restructuring and Sale (CERP) has accepted a binding offer from Istanbul-based Kuzey Star Shipyard to acquire a 97.13 percent controlling stake in Uljanik Brodogradnja 1856. The Turkish company’s bid of €12,053,500 exceeded the initial tender price of €11,085,250.

As part of the agreement, Kuzey Star has committed to maintaining shipbuilding, ship repair, and floating structure production within the shipyard’s concession area. A competing bid from Luxembourg-based Mira Finance Holding was disqualified because the required bid guarantee was not recorded in the agency’s account.

The transaction is currently awaiting approval from the Croatian Ministry of Finance under the country’s Foreign Investment Screening Act, as the buyer is based outside the European Union. Additionally, the Croatian government has approved a €1.85 million loan to Uljanik Brodogradnja 1856 to address operating disruptions and facilitate the completion of the sale.