Subsea 7 acquisition of shares in Seaway7 and voluntary offer to acquire the remaining shares in Seaway7
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Subsea 7
02 March 2023
Subsea 7 has announced that it has entered into agreements to acquire 187,889,551 shares in Seaway 7, corresponding to 21.52% of Seaway 7's issued and outstanding share capital, from Songa Capital, West Coast Invest and Lotus Marine.
As consideration, Songa Capital, West Coast Invest and Lotus Marine will receive 1 new share in Subsea 7 for every 22 shares in Seaway 7.
Following completion of the transactions, expected to take place during March 2023, the Subsea 7 Group will own 93.94% of the issued and outstanding share capital of Seaway 7.
Subsea 7 will be in a position to effect a compulsory acquisition of the remaining Seaway 7 shares. However, it has resolved to put forward a voluntary offer to acquire the remaining outstanding shares in Seaway 7 in exchange for Subsea 7 shares, prior to effecting the compulsory acquisition.
Eligible Seaway 7 shareholders tendering their shares in the offer will receive one new share in Subsea 7 for every 22 shares in Seaway 7 tendered, rounded down to the nearest whole share.
Subsea 7 will apply for a delisting of the Seaway 7 shares from Euronext Growth Oslo following the expiry of the offer period and initiation of the compulsory acquisition.
