Posted on December 20, 2023
Shareholders accepted the proposed merger between Cadeler and Eneti which will create the largest owner-operator of wind turbine installation vessels. Settlement of the share exchange is expected to begin momentarily as regulators have accepted the registration of the new shares. Cadeler reported late today that it expects to receive final approval tomorrow, and the new shares are expected to begin trading on December 20.
Cadeler released the final results of the tender offer which closed on December 14. More than 33 million shares were tendered before the closing representing more than 86 percent of the outstanding shares of Eneti. The companies had lowered the minimum acceptance requirement to 70 percent, but they not only met that but also the original requirement which had been set at 85 percent.
Having reached these levels, Cadeler reports it can also proceed with the plan to complete the acquisition by effecting a squeeze-out merger. That will remove any remaining shareholders and make Eneti a wholly-owned subsidiary of Cadeler.
Commenting on the strong support from shareholders, the CEO of the Cadeler Mikkel Gleerup said they would be able to pursue the company’s vision and enhance the capability to facilitate the renewable energy transition that is already underway. He points to their long track record while saying the combined company will have “one of the industry’s largest, most flexible, most diverse, and modern fleets of wind farm installation vessels. Cadeler will be able to handle the largest and most complex next-generation offshore wind installation projects currently seen in the market.”
The combined company will continue under the Cadeler identity with its headquarters in Copenhagen, Denmark. They point to the global presence and scale of the company while saying that they expect to realize €106 million in annual synergies.
The group will operate four existing vessels, including Cadeler’s two high-end Windfarm Installation Vessels (WIVs), Wind Orca and Wind Osprey. Eneti as part of the terms of the deal was moving to sell three of the five vessels acquired in the acquisition of Seajacks.
Cadeler and Eneti were separately pursuing new builds with Cadeler scheduled to receive two WTIVs in Q3/2024 and Q2/2025, and two wind foundation installation vessels scheduled for delivery in Q4/2025 and Q3/2026. Eneti also has two WTIVs scheduled for delivery in Q4/2024 and Q2/2025.
Ten days ago, they announced the completion of a new €550 million green load facility to refinance the existing vessels owned by Cadeler and Eneti ahead of the business combination. It will also be used to finance crane upgrades of Cadeler’s two existing vessels and to fund general corporate and working capital purposes.
Completing the business combination, they expect with the delivery of the six newbuilds scheduled from 2024 to 2026 to have a total of 10 vessels all dedicated to wind farm installation.