Cadeler to squeeze out last Eneti shareholders in $1.2bn merger to create world's biggest wind installer

BW Group-backed offshore wind vessel owner Cadeler has completed its $1.2bn merger with Scorpio Group’s Eneti to create the world’s biggest owner of wind turbine installation vessels (WTIV).

The acceptance level hit 86% as the offer expired on Thursday. Oslo-listed Cadeler will now squeeze out the remaining shareholders to take 100% control of US-listed Eneti, in accordance with Marshall Islands law.

This will be done by a wholly-owned subsidiary merging into Eneti, making the Scorpio company a subsidiary of Cadeler.

The combined group will be named Cadeler with its shares to be listed in New York, while retaining the Oslo listing.

Cadeler chief executive Mikkel Gleerup said: “We highly appreciate the strong shareholder support. This underlines the trust in Cadeler’s vision and capability to facilitate the renewable transition.” He added the new group will be able to handle the largest and most complex next-generation offshore wind installation projects currently seen in the market.

Cadeler will have four large WTIVs, and there are another six newbuilding coming from Asian shipyards.

The group views the offshore wind market as growing “rapidly.”

Cadeler is headquartered in Copenhagen.

The merger was announced in June, with Cadeler shareholders to own 60% and Eneti investors 40% of the combined company.

Scorpio Group and its affiliates have 29% of Eneti, and its executives have another 7%.

BW Group and Swire Pacific own 45% in Cadeler. Danish investor J Lauritizen also has a stake in both outfits.

Eneti sold two non-core WTIVs in August.