Denmark’s Cadeler is not expecting any hitches from competition authorities as it drives through its takeover of Scorpio Group’s Eneti.
The two sides announced a merger of their offshore wind farm ship fleets in June.
BW Group-backed Cadeler’s chief executive Mikkel Gleerup was asked on a conference call about any potential headwinds from regulators, particularly in the UK, which has been a stricter jurisdiction than elsewhere in recent times.
“No, we have not,” he said. “We are working as per our plan. We continue to work with all regulators, we don’t have certain prioritisations.
“Because at the end of the day we need a fully approved deal from all regulators.”
A $1.2bn union of the two sides would create the world’s biggest owner of wind turbine and foundation installation ships.
Gleerup said: “We still don’t see any red flags on the path to closing the deal.
“We are in a very, very good place, I would say.
“I cannot say it any clearer: we are expecting to close in Q4 this year.”
Swire Pacific is also a shareholder in Cadeler, and Danish investor J Lauritzen has a stake in both wind farm shipowners.
The all-share deal will see Oslo-listed Cadeler offer investors in New York-listed Eneti 3.409 Cadeler shares for every Eneti share.
Cadeler will have 60% and Eneti 40% of the combined company.
The Cadeler fleet consists of two wind turbine installation vessels currently on the water, two more scheduled for delivery in 2024 and 2025, and two wind foundation installation vessels coming in 2025 and 2026.
