The Italian Sea Group (TISG), a prominent Italian shipbuilding company, is considering selling its luxury yacht division, Perini Navi. The Tuscan shipmaker is responsible for constructing the superyacht Bayesian, which sank off the coast of Sicily in August 2024.
Mike Lynch, 59, and his daughter Hannah, 18, were among the seven individuals who perished when the Bayesian went down. The group had been celebrating Lynch's acquittal on U.S. fraud charges stemming from Hewlett Packard's 2011 acquisition of his technology company, Autonomy, for an estimated £8 billion.
TISG has faced significant financial challenges, with plummeting share prices and major project cost overruns following the disaster. The company has asserted that crew negligence led to the yacht's capsizing. However, British investigators have suggested that the yacht possessed undisclosed vulnerabilities.
The potential sale of Perini Navi, which TISG acquired in 2021, is part of a broader strategy to divest other assets as the company navigates its financial difficulties. The group's financial performance has been strained since the sinking incident and the subsequent legal and reputational fallout.