CEE M&A Monitor
Shipbuilding Croatia Signed — state sale 14 Oct 2026

Croatia signs sale of 97% of Pula shipyard Uljanik Brodogradnja 1856 to Turkey's Kuzey Star for €12.05M

On 14 October 2026 Croatia's Centre for Restructuring and Sale (CERP) and Turkish shipyard Kuzey Star Shipyard signed an agreement at the Ministry of Economy for the sale and transfer of business shares in ULJANIK Brodogradnja 1856 d.o.o. of Pula. The agreement was signed by CERP director Milan Plećaš and Kuzey Star management board president Tuncay Imral, in the presence of economy minister Ante Šušnjar. CERP had accepted Kuzey Star's offer of €12,053,500 for four business shares representing 97.13% of the company's share capital. Besides the price, the condition of sale was that shipbuilding be preserved on the entire maritime domain covered by the concession; the investor has committed to keep shipbuilding, ship repair and related activities under the existing concession agreement. Since 2020 the Croatian government has supported the company with state guarantees and loans. According to the ministry, the shares will be transferred once the agreed and statutory conditions are met.

Our take The buyer gets control of the shipyard together with a binding obligation to keep it a shipyard: the tender priced the concession's use, not just the shares. For the state, this ends six years of guarantees and loans; for the buyer, the value now depends on the investment and order book it brings to Pula, as the minister himself put it.
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