Cadeler and Eneti, two leading offshore wind companies, are preparing the next step towards a large-scale combined group. Cadeler launched a share exchange offer yesterday for all of the outstanding shares of common stock of Eneti, in the previously announced deal reported by Shipping Telegraph that will create the largest owner-operator of wind turbine installation vessels.

The companies are saying that they believe with the increasing value chain bottlenecks and challenges in the offshore wind sector, their combined scale and fleet diversity will provide the opportunity to better respond to market needs.

The offer is being made pursuant to the business combination agreement, announced on June 16, 2023. 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 CEO of Cadeler Mikkel Gleerup will continue as CEO after the combination, while Peter Brogaard Hansen will continue as CFO.

Andreas Sohmen-Pao will continue as Chairman of the Board of Directors and Emanuele Lauro, current CEO of Eneti, will expectedly be nominated for election to the Board of Directors as Vice Chairman shortly after the completion of the offer.

Andreas Sohmen-Pao, chairman of Cadeler 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”.

Emanuele Lauro, executive chairman and chief executive of Eneti, said: “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”.

Cadeler’s management anticipates that the business combination will deliver annual synergies of €106m, excluding transaction, change of control and integration costs, to enable meaningful shareholder value creation.

Prior to completion of the offer, the two companies will continue to operate separately of one another.