CADE Approves Subsea7-Saipem Deal Subject to Vessel Sale
The companies must divest Seven Borealis under commitments addressing competition concerns, while other merger conditions remain outstanding.
Key takeaways
- CADE’s approval is conditional on compliance with commitments in a Merger Control Agreement.
- Subsea7 and Saipem committed to divest Seven Borealis to address competition concerns.
Brazil’s CADE tribunal approved the proposed combination of Subsea7 and Saipem, subject to commitments in a Merger Control Agreement, Subsea7 said on Wednesday.
The companies committed to divest Seven Borealis to address competition concerns raised during the review. The commitment includes provisions intended to ensure continuity in executing the existing project backlog.
Subsea7 said the sale is not expected to materially affect the combination’s strategic rationale and that previously announced synergies are confirmed. The companies said they will continue working with authorities to meet or obtain waivers for the remaining merger conditions.
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