Cadeler has officially commenced a share exchange offer for all outstanding shares of common stock of Eneti. The merger, set to close within Q4 2023, positions the combined entity under the Cadeler banner, headquartered in Copenhagen, Denmark. The merged company's shares will be dual-listed on the New York Stock Exchange, in addition to maintaining its presence on the Oslo Stock Exchange.
Mikkel Gleerup, the current Chief Executive of Cadeler, is slated to retain his role post-merger, with Peter Brogaard Hansen continuing as Chief Financial Officer. Andreas Sohmen-Pao will continue as Chairman, and Emanuele Lauro, the existing Chief Executive of Eneti, is expected to be nominated as Vice Chairman shortly after the completion of the offer.
Sohmen-Pao expressed support for the transaction, emphasizing its strategic significance in combining two leading offshore wind companies. He stated, “This underpins Cadeler's vision and capability to facilitate the renewable transition, and I continue to support the transaction on its industrial and financial merits.”
The formal application for admission of Cadeler ADSs (American Depositary Shares) and Cadeler Shares on the New York Stock Exchange will be submitted, pending approval of an EU/EEA Listing Prospectus by the Danish FSA after the offer's expiration.
Emanuele Lauro, looking ahead to the post-merger landscape, remarked, “More than four months after announcing this transaction, it really feels like the right combination for all stakeholders.” He highlighted the potential value creation and the bright prospects for the combined companies in meeting industry demands for reliable partners and solutions in the offshore wind sector.
Until the completion of the offer, Cadeler and Eneti will continue to operate independently. The merger marks a significant step forward in the offshore wind industry, creating a formidable force ready to address the challenges and opportunities of the coming decade.