Posted on March 20, 2023
Royal IHC has reached agreement to sell subsidiary IQIP Holding B.V. to HAL Investments B.V. (HAL). IQIP is the world leader in foundations and installations in the offshore wind market. The sale involves the transfer of 100% of the shares of IQIP Holding B.V. to HAL. For Royal IHC, this is an important step in the financial restructuring of the company, which will strengthen Royal IHC’s own balance sheet and allow the existing credit and guarantee lines with the existing bank consortium to be repaid largely in advance. For IQIP, this is an important step in strengthening its financial balance sheet and an opportunity to independently create further growth.
Better position of Royal IHC
Jan-Pieter Klaver, CEO Royal IHC: ‘The sale of IQIP to HAL creates more financial space for both Royal IHC and IQIP. The direct proceeds from the IQIP shares will mainly be used to reduce borrowings and improve Royal IHC’s liquidity. With the sale, IQIP will leave the Royal IHC family, but I am very confident that IQIP and its employees will have a very bright and healthy future.’
Royal IHC had initiated WHOA proceedings (Homologation Private Agreement Act) to convince all financial stakeholders of a financial restructuring plan which included the sale of IQIP. The court ratified this plan last week.
IQIP is ready for the future
Robert Diepenbroek, CEO IQIP: ‘We want to strengthen and further expand our position in both the offshore energy market and the civil market. With this independent position, we can continue on this course and continue to offer our customers total solutions and support them in the challenges in the field of technology, safety and sustainability. This enables us to guarantee our contribution to the energy transition worldwide.’
