Latham & Watkins LLP served as legal advisor to Titan Acquisition Holdings. Jones Day represented Huntington Ingalls Industries, Inc.
Titan Acquisition Holdings, a bicoastal leader in ship repair and commercial and defense-related fabrication services created through the combination of Vigor Industrial and MHI Holdings, today announced a definitive agreement to acquire Huntington Ingalls’ San Diego Shipyard. The shipyard is one of the largest fleet service and repair sites in America, located in one of the nation’s largest Navy ports.
This acquisition creates opportunities to better serve key defense customers, economies of scale, expanded scope, and performance optimization. Current key customers for Titan include the U.S. Navy, U.S. Coast Guard, Military Sealift Command, the U.S. Army, Boeing, and non-defense and commercial customers including state and local ferry systems.
The transaction is subject to customary closing conditions and closing is expected in the second quarter of this year. Financial terms were not disclosed.
As a part of this transaction, Huntington Ingalls will hold a minority interest in Titan. Titan is controlled by majority owner The Carlyle Group and Stellex Capital Management.
The Jones Day team was led by Robert Profusek (Picture), Jonn Beeson and Dotun Obadina.
Law Firms: Jones Day;
Clients: Huntington Ingalls Industries;