Acergy, Subsea 7 Agree to Combine

Acergy og Subsea 7 fusjonerer.

Stephen Ellis 21.06.2010 | 20.46
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Subsea-focused companies Acergy and Subsea 7 announced Monday that they had agreed to combine in a $5.4 billion deal. Acergy has offered 1.065 Acergy shares for every Subsea 7 share, and Acergy shareholders will retain a 54% stake in the new firm. The new entity will be called Subsea 7 and will be comparable in size to Technip's and Saipem's offshore operations. We've long thought such a deal makes sense for Acergy as it builds out its offshore fleet and global reach; this puts it on a level footing with its larger competitors to compete for subsea work. The companies anticipate the merger closing by the end of the 2010 or the first quarter of 2011. We expect the deal to substantially improve Acergy's competitive position, and therefore long-term prospects, so we may raise our fair value estimate for the firm.


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Stephen Ellis  Stephen Ellis is a senior stock analyst on the Energy Team.

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