Lenders to Ferretti SpA, an Italian luxury yacht builder that is restructuring its assets, have agreed to sell the company to Shandong Heavy Industries Group Co. Ltd., Finance Radio reported.

Since October, the parties have held several rounds of negotiations. Ferretti will sell 75 percent of its equity, including its trademark, shipyards, and sales network to the Shandong buyer for 350 million euros.

Ferretti, one of the world leaders in the luxury yacht business, manufactures 9 yacht brands. 4 of top 10 yacht brands in the world are from Ferretti.