Eneti has announced that one of its wholly-owned direct subsidiaries entered into a binding agreement with Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. (the Sellers) under which Eneti will acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited (Seajacks).
Eneti will acquire the company for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash. Upon closing, existing Eneti shareholders will own 58% of Eneti and the Sellers will own 42%. As a result of the transaction, Mr. Hiroshi Tachigami of Marubeni Corporation, and Mr. Peter Niklai of INCJ, Ltd. will join the Eneti Board of Directors. Seajacks was founded in 2006 and is based in Great Yarmouth, UK. The transaction, which has been approved by the Boards of Directors of Eneti and the Sellers, is expected to close by the middle of the third quarter of 2021.