Zhejiang-based aluminum product supplier Wantong Group has inked a deal to buy luxury Italian yacht brand Dalla Pieta, giving a new impetus to yacht business in China.
Millennium Marine, a yacht building company established by Wantong Group in 2008, is giving the final touches to its deal which involves acquiring the Dalla Pieta brand, design drawings and 13 half-finished yachts.
"The total deal value is around 100 million yuan ($14.63 million)," said Xu Lian, assistant to the board chairman of the group. "We are working out the legal formalities and expect to complete the deal by mid-August this year," she said.
Xu did not reveal the financing modalities of the deal but Zhejiang local media reported that it would be an all-cash purchase.
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