A major merger between two major companies that are active in the installation of offshore wind turbines is underway. Thus, two unanimous boards of directors of Cadeler and Monaco-based Eneti have recommended to the companies' shareholders to approve a merger between the two companies. The companies announced this in a press release.
- This is a strategic transaction that combines two leading offshore wind turbine companies. It supports Cadeler's vision and ability to facilitate the transition to renewable energy, and I support the transaction based on its industrial and economic benefits, says Andreas Sohmen-Pao, Chairman of the Board of Directors of Cadeler.
The new company will, if the merger is approved by shareholders and the relevant authorities, continue under the name Cadeler and will be based in Copenhagen and listed on the New York Stock Exchange, as the current Cadeler also is.
Continued large Danish footprint in management
In addition, Danes will continue to play central roles in the new Cadeler. Cadeler's current CEO Mikkel Gleerup will continue in the same position after the merger, while Peter Brogaard Hansen, also from the current Cadeler, will continue as CFO.
The new company will have four vessels already in operation, with six new vessels on the way, scheduled for delivery in the period from 2024 to 2026.
- The merger will represent a significant step up in our ability to meet the increased global demand for larger scale and project sizes in connection with the much-needed green transition. To deliver on this ambition, we will provide our customers with the largest and most diverse fleet in the industry, run by highly qualified teams with unique expertise and track records. For customers, the combined fleet will unlock unparalleled value through increased cross-utilization of resources and improved flexibility, capacity and agility, says Mikkel Gleerup about the thinking behind the merger.
The hope is that the merger with the combined fleet will provide new opportunities to increase efficiency in the market.
- This merger is right for our shareholders, for our customers and for our employees. We are really excited to join forces with Cadeler. Our combined capabilities will create significant value at a time when the offshore wind sector needs reliable partners and reliable solutions, says Emanuele Lauro, Chairman and CEO of Eniti.
Overwhelming support for merger
At present, shareholders who together own approx. 45 pct. of the votes and share capital in Cadeler, have committed to vote in favour of the shareholders' approval of the merger, which will be presented at a general meeting. Shareholders who together own approximately 36 per cent of the votes and share capital in Eneti have committed to tender their shares in the exchange offer.
Following the merger, Cadeler and Eneti shareholders will own approximately 60 per cent and 40 per cent of the combined company, respectively, using the share counts as of 16 June 2023 and assuming that all outstanding Eneti shares are exchanged for Cadeler shares at an exchange ratio of 3.409 Cadeler shares for each Eneti share. Based on closing prices on Thursday, the combined company will have a market value of over 1.2 billion euro (DKK 8.9 billion).
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