Faegre Drinker Advises Philly Shipyard, Inc. Through $100M Sale to Hanwha

A Faegre Drinker team led by corporate partner Elizabeth Lange advised client Philly Shipyard, Inc. (“Philly Shipyard”) in a $100 million sale to South Korean conglomerate Hanwha. 

Last week, Philly Shipyard announced its sale to Hanwha Systems and Hanwha Ocean, two Hanwha subsidiaries, making Hanwha the first Korean shipbuilder to begin operations in the U.S. The transaction is subject to approval by the Committee of Foreign Investments in the U.S. and other regulatory authorities. Pending approval, the deal is expected to be finalized later this year. 

Philly Shipyard is renowned for being one of the few American shipyards capable of constructing ocean-going ships in compliance with the Jones Act. The shipyard currently has a backlog until 2027, with several commercial and government projects in the works, including several federal training and humanitarian ships for the U.S. Department of Transportation’s Maritime Administration. 

The deal team led by Lange was also supported by corporate partners Doug Raymond and Walter Mostek and associates Nick Johnston, Sabra Drummond and Christina Lidondici. 

For more details, read the full press release here.