Saipem to Merge with Subsea7 in Industry-Defining Deal
Deal News | Feb 23, 2025 | Cassa Depositi e Prestiti SpA
Eni S.p.A. and CDP Equity S.p.A., controlling shareholders of Saipem, announced a memorandum of understanding with Siem Industries S.A. The agreement supports the merger of Saipem and Subsea7, anticipated to produce a leading global entity in the Subsea and E&C Offshore sector. The merger, structured as a merger of equals, involves a 50-50 fixed exchange ratio, with Saipem as the acquiring company. The strategic merger, supported by shareholders holding 29% of the post-merger entity, will focus on optimizing synergies without affecting employment levels and will position the new company to leverage opportunities in the evolving oil & gas and energy transition markets. The completion of this merger will result in a formidable industrial and technological entity poised to navigate the future market landscape effectively.
Sectors
- Energy Sector
- Corporate Finance
Geography
- Italy – Saipem's headquarters and primary stock market listing will remain in Italy, indicating a strong Italian presence post-merger.
- Norway – Subsea7 is based in Norway, and the merged entity will also be listed in Norway post-merger, highlighting the geographical significance for Subsea7 in this transaction.
Industry
- Energy Sector – The merger involves Saipem and Subsea7, both of which operate in the oil and gas subsea and offshore engineering and construction sectors, illustrating the global energy industry's dynamics.
- Corporate Finance – The article discusses a strategic merger, highlighting corporate finance activities such as mergers and acquisitions, shareholder agreements, and governance structures.
Financials
- 29% – The combined shareholding percentage of Eni, CDP Equity, and Siem Industries in the newly formed entity after the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Saipem | Target Company | Company | An Italian engineering and construction company specializing in subsea and offshore projects, Saipem is the acquiring entity in the merger. |
| Subsea7 | Selling Company | Company | A Norwegian-based company providing subsea engineering and construction services, set to merge with Saipem. |
| Eni S.p.A. | Controlling Shareholder | Company | An Italian multinational oil and gas company, a major shareholder in Saipem facilitating the merger. |
| CDP Equity S.p.A. | Controlling Shareholder | Company | An Italian investment firm, holding significant shares in Saipem, supporting the merger. |
| Siem Industries S.A. | Major Shareholder | Company | The largest shareholder of Subsea7, involved in facilitating and supporting the merger. |
| Claudio Descalzi | CEO of Eni | Person | CEO of Eni S.p.A., actively discussing the merger's impact on industry leadership. |
| Dario Scannapieco | CEO of Cassa Depositi e Prestiti | Person | CEO of CDP Equity, commenting on the strategic merger execution. |