Cadeler has started a share exchange offer for all of the outstanding shares of common stock of Eneti as part of the merger of the two organisations.
The Offer is expected to close within Q4 2023.
The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange in addition to its current listing on the Oslo Stock Exchange.
The current chief executive of Cadeler Mikkel Gleerup will continue in the same role after the merger, while Peter Brogaard Hansen will continue as chief financial officer.
Andreas Sohmen-Pao will continue as chairman and Emanuele Lauro, current chief executive of Eneti, is expected to be nominated as vice chairman shortly after the completion of the Offer.
Sohmen-Pao said: “This is a strategic transaction combining two leading offshore wind companies.
“It underpins Cadeler’s vision and capability to facilitate the renewable transition, and I continue to support the transaction on its industrial and financial merits.”
Cadeler will submit an application for admission of the Cadeler ADSs to be issued in the Offer and the Cadeler Shares underlying such Cadeler ADSs to be listed on the New York Stock Exchange, and have such Cadeler Shares admitted to trading and listing on the Oslo Stock Exchange following approval of an EU/EEA Listing Prospectus by the Danish FSA after the expiration of the Offer.
Lauro added: “More than four months after announcing this transaction, it really feels like the right combination for all stakeholders.
“As I previously mentioned, our scale and respective capabilities will create significant value at a time when offshore wind needs reliable partners and reliable solutions.
“The track record of Seajacks has been built on the tireless efforts of our shore and seagoing professionals, and we are delighted Cadeler values this legacy so dearly.
“The prospects for our combined companies, in the context of industry demands over the coming decade, could not be brighter.”
Prior to completion of the Offer, the two companies will continue to operate separately of one another.