Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have entered into a business combination agreement to merge through a stock-for-stock exchange offer to be made to all stockholders of Eneti based on an exchange ratio of 3.409 Cadeler shares for each Eneti share.
Following the completion of the exchange offer, Cadeler and Eneti shareholders will own approximately 60% and 40% of the combined company, respectively, on the basis of the share counts for each of Cadeler and Eneti as of June 16 and assuming all outstanding Eneti shares are exchanged for Cadeler shares in the exchange offer.
The combined group will be named Cadeler and headquartered in Copenhagen, Denmark. Its shares will be listed on the New York Stock Exchange in addition to its current listing on the Oslo Stock Exchange.
The boards of directors of Cadeler and Eneti unanimously approved the business combination agreement.
“[This] will represent a significant step up in our ability to meet the increased demand globally for projects with larger scopes and project sizes,” says Mikkel Gleerup, CEO of Cadeler. “To deliver on this ambition, we will provide our customers with the largest and most diverse fleet in the industry, operated by highly skilled teams. The combined fleet will unlock unrivalled value due to increased cross-utilization of resources and improved flexibility, capacity and agility.”
Emanuele Lauro, executive chairman and CEO of Eneti adds: “We are truly thrilled to be joining forces with Cadeler. Our scale and our respective capabilities will create significant value at a time when offshore wind needs reliable partners and reliable solutions.”