HII, Titan reach transaction

One the America’s largest fleet service and ship repair facilities is changing hands. Ship repair and commercial- and defense-related fabrication services provider Titan Acquisition Holdings announced on Feb. 12 it has reached a deal to acquire San Diego Shipyard from Huntington Ingalls Industries (HII). Financial terms were not disclosed. The transaction, expected to close in the second quarter, is subject to customary closing conditions. (Source: Marine Link 02/12/20) https://www.marinelink.com/news/titan-acquires-hiis-san-diego-shipyard-475579?utm_source=MT-ENews-2020-02-12&utm_medium=email&utm_campaign=MT-ENews. Gulf Coast Note: In a media release from HII, the announcement takes a more specific tone. HII announced that its Technical Solutions business has entered into an agreement to contribute its San Diego Shipyard to Titan Acquisition Holdings, a company comprised of Vigor Industrial and MHI Holdings. Titan is controlled by majority owner, The Carlyle Group and Stellex Capital Management. Post-transaction, HII will hold a minority interest in Titan. (Source: HII 02/12/20) https://newsroom.huntingtoningalls.com/releases/huntington-ingalls-industries-to-partner-with-titan-acquisition-holdings-for-ship-repair