In June, the two major wind companies Cadeler and Eneti presented plans to merge. The two boards of directors of the companies both unanimously supported the merger, but the merger also needed approval from relevant authorities and support from Eneti's shareholders before it could be realized.
The latter now appears to be in place. On Thursday, Cadeler published the preliminary result of Eneti's shareholders' position on the merger. So far, 86.39 percent have said yes to a merger, which will create a global leading wind company specializing in installing and transporting offshore wind turbines, which will continue to go under the name Cadeler, Cadeler said in a statement.
- We greatly appreciate the strong shareholder support, which emphasizes the trust in Cadeler's vision and ability to promote the transition to renewable energy. Across continents, we offer our partners and customers access to one of the strongest and most talented teams with decades of history. And to one of the industry's largest, most flexible, most versatile and modern fleets of installation vessels within offshore wind, says Mikkel Gleerup, CEO of Cadeler.
Management will be from the current Cadeler
If the merger becomes a reality as expected, Gleerup will continue as CEO and Peter Brogaard as CFO, a position Brogaard also holds today. The company will also be headquartered in Copenhagen, like the current Cadeler. As a first, it will also be listed on the New York Stock Exchange. It is already listed on the Oslo Stock Exchange.
Cadeler will initially have ten large-scale and technologically state-of-the-art jack-up vessels. Four of the vessels are already in use, while a further six large newbuildings are on their way from shipyards in Asia to serve the rapidly growing market within offshore wind.
After a possible merger, the Cadeler and Eneti shareholders will own approx. 60 per cent. and 40 per cent. of the combined company using the share counts as of June 16, 2023 and assuming that all outstanding Eneti shares are exchanged for Cadeler shares in an exchange ratio of 3.409 Cadeler shares for each Eneti share, Cadeler has previously stated.
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