Offshore wind installation companies Cadeler A/S (OSL:CADLR) of Denmark and Monaco-based Eneti Inc (NYSE:NETI) have agreed to merge to create a leading listed company in the industry with a proforma market capitalisation of over EUR 1.2 billion (USD 1.3n).
The combined business will have a fleet of four vessels currently in operation and six large-scale new builds due to be delivered between 2024 and 2026.
The two will merge via a stock-for-stock exchange offer to Eneti’s shareholders, with the transaction currently expected to close in the fourth quarter of 2023. The combined company will be called Cadeler and headquartered in Copenhagen. It will be dual listed on the New York Stock Exchange and the Oslo Stock Exchange. Following the deal, Cadeler shareholders will own 60% of the combined company, while Eneti’s investors will hold 40%.
“The combination will represent a significant step up in our ability to meet the increased demand globally for projects with larger scopes and project sizes in service of the much-needed green transition,” said Cadeler chief executive Mikkel Gleerup, who will continue as CEO after the merger.
Gleerup added that the combined fleet will improve the proposition to customers due to increased cross-utilisation of resources and better flexibility, capacity and agility.
Cadeler currently owns and operates two wind turbine installation vessels and has two newbuild X class wind turbine installation vessels for delivery in 2024 and 2025, as well as two F-class wind foundation installation vessel newbuilds for delivery in 2025 and 2026.
Eneti, previously Scorpio Bulkers, owns and operates two wind turbine installation vessels and has two new-generation wind turbine installation vessel newbuilds expected in 2024 and 2025. Its current three non-core NG 2500X vessels are earmarked for divestment.
(EUR 1 = USD 1.082)