Cadeler and Eneti have announced that they have entered into a business combination agreement to create an offshore wind turbine and foundation installation company through a stock-for-stock exchange offer to be made to all shareholders of Eneti.The combined group will operate four vessels on water today and six new builds scheduled for delivery from 2024 to 2026. The combined group will be named Cadeler and be headquartered in Copenhagen, Denmark. Post combination, Cadeler and Eneti shareholders will own approximately 60% and 40% of the combined company, respectively, using the share counts as of June 16, 2023, and assuming all outstanding Eneti shares are exchanged for Cadeler shares in an exchange ratio of 3.409 Cadeler shares for every Eneti share. The combined group is to be dual listed on the NYSE and OSE with a pro forma market capitalisation in excess of €1.2 billion. Today´s announcement is unanimously supported by the Board of Directors of both Eneti and Cadeler. Upon regulatory approval and applicable closing conditions being met, completion is currently expected in Q4 2023.
