Aker Arctic Technology Inc. and Bluetech Finland Ltd. recently announced the two Finnish ship design companies will come under the ownership of a newly formed entity, Arctic Marine Technology Group Oy. The transaction is subject to regulatory approval from the Finnish Ministry of Economic Affairs and Employment and other customary closing conditions. The deal is expected to close by the end of August.
Both companies will continue to operate under their own brands following the transaction.
Arctic Marine Technology Group Oy will be jointly owned by Finnish Industry Investment (Tesi) and ABB, the current shareholders of Aker Arctic.
“The merger of two top players in ship design into the same Group will strengthen Finnish icebreaker expertise and the growth opportunities of the maritime industry,” said Jussi Hattula, director of industrial investments at Tesi. “Together, Aker Arctic and Bluetech will form a globally significant player capable of meeting the unprecedented opportunities in the icebreaker business.”
According to Aker Arctic managing director Mika Hovilainen, the decision to bring Bluetech under the same ownership structure supports Aker Arctic’s plans to expand into the North American market.
“Aker Arctic’s operations are centered around our highly specialized expertise in icebreaker design,” said Hovilainen. “Together, we will form a team of approximately 150 professionals focused on demanding ship design, with strong capabilities to execute significant and extensive design assignments – encompassing the entire design chain from concept design to basic and production design.”
The announcement aligns with the recently formed International Icebreaker Collaboration Effort (ICE Pact). In July 2024, leaders of the United States, Canada, and Finland announced the pact’s formation, a trilateral agreement to collaborate on producing polar icebreakers and enhancing Arctic and polar capabilities. The partnership's aim is to bolster the shipbuilding industries and industrial capacities of the three nations, strengthen economic and security ties, and foster mutual workforce development, according to a July 2024 statement from the then-Biden Administration.
An Aker Arctic press release noted the purchase price will not be disclosed.
