Wildcat Infrastructure, a Washington-based company, has announced an agreement to acquire Fraser Shipyards, signaling its intent to expand in the shipbuilding sector. The company plans to invest approximately $350 million into the business as part of this acquisition.

This development follows Wildcat’s recent bid in September to purchase Austal's US operations, which it valued at more than $1.7 billion. Austal, an Australian company listed on the ASX with a market capitalization of around $1.8 billion, operates a shipyard in Mobile, Alabama, and specializes in the design, construction, and support of defense and commercial vessels.

Wildcat is controlled by Eric Nicolaides, who has been in discussions with private equity backers to support the bid; however, the company has yet to disclose any consortium or funding partners associated with the offer.

The sale of Austal’s US arm has attracted multiple interested parties. Among them is Korea’s Hanwha, which holds a 19 percent stake in Austal and recently submitted a competing bid valuing the US business at over $1.46 billion. Other potential buyers previously reported to be in the running include private equity firms Cerberus Capital Management and Arlington Capital Partners.

The acquisition of Fraser Shipyards and the ongoing bidding for Austal’s US operations underscore Wildcat Infrastructure’s ambition to establish a prominent presence in the American shipbuilding market. The outcome of the Austal sale is pending, with various interested parties still vying for control of the company’s US assets.