A meeting to ratify the deal is set to take place in the next couple of days, it has been reported.
Earlier today, Sky News reported that UK Government ministers are hoping to announce the acquisition by Spanish company Navantia as early as Thursday.
Navantia’s board is expected to meet to ratify the deal in the next couple of days.
The £70m government-backed rescue deal will also include guarantees of job security for the company’s 1,000 workforce and comes after months of uncertainty amidst negotiations.
However, it’s unknown how long the deal for job security will last.
“This is good news for UK sovereign capability and capacity in renewables and shipbuilding, but challenges remain,” said Matt Roberts, GMB National Officer.
“GMB campaigned long and hard for all four Harland and Wolff yards to be included in any sale – so the fact they have all been saved, with the promise of all jobs retained and new jobs created, is very welcome.
“However without proper investment into local skills and facilities at all four yards, and the onshoring of orders, the doom loop will be in danger of coming back.
“GMB will hold both Navantia and the Government’s feet to the fire to ensure promises are kept.”
Harland & Wolff announced in September that its parent company would enter administration.
It is the second time in five years the famous shipyard that built the Titanic has announced it was going into administration.
The administration only applied to the holding company, and not to the group’s subsidiaries.
The UK and Spanish governments have also been engaged in discussions about the prospective new deal, according to Whitehall sources.
Sky previously reported that the Navantia had also secured the government’s backing for a renegotiated contract to build three Fleet Solid Support (FSS) ships for the Royal Navy.
According to Sky, Navantia sought a £300m improvement to the FSS contract, on which it was already working alongside its struggling competitor.
The Spanish group is also expected to pay around £70m for Harland & Wolff’s assets including all four of its yards.
H&W operate four sites, in Belfast; Appledore, Devon; Arnish on the Isle of Lewis; and Methil, Fife
Harland & Wolff’s future previously seemed shaky since the Government refused to guarantee it a £200m loan from UK Export Finance earlier in the summer, something the company says left it “in a difficult financial position”.
The business secretary, Jonathan Reynolds, in August ruled out giving the loan guarantee, which had been announced by the previous Conservative government.
Founded 163 years ago, Harland & Wolff famously built the Titanic.