Monday, November 29, 2021

Eneti to acquire rival Seajacks

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WTIV specialists to merge after Eneti enters into agreement to acquire competitor.

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Eneti, the offshore wind services company, has announced that it has entered into an agreement to acquire its rival, Seajacks. The acquisition will create one of the world’s largest fleets of wind turbine installation vessels (WTIV).

The deal with sellers Marubeni Corp., INCJ Ltd., and Mitsui OSK Lines Ltd. will see Eneti acquire 100% of Atlantis Investorco ltd., the parent company of Seajacks International Ltd.

The acquisition entails 8.13 million shares, $299m of assumed debt, $74m of newly-issued redeemable notes, and $12m cash. The deal is expected to be sealed by mid-August.

Emanuele A Lauro, Eneti chairman and CEO, said of the Seajacks acquisition, “This transaction reflects the biggest step yet in our transformation into a world-class contractor for offshore wind.

“Seajacks is a market leader with a fleet of five advanced jack-up vessels; via this combination we will gain the valuable support of Seajacks shareholders who now become Eneti shareholders; moreover what is central to this combination is the committed and experienced professionals who join our team

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