Saipem and Subsea7: binding merger agreement
01/12/2025
Saipem and Subsea7 have signed a binding merger agreement that will create a leading global energy services company.
The company will be renamed Saipem7 and will have revenues of approximately €21 billion, an EBITDA of over €2 billion, generate more than €800 million in free cash flow, and have an aggregate backlog of €43 billion.
Upon completion of the Proposed Combination, Saipem and Subsea7 shareholders will each hold 50% of Saipem7's share capital. Subsea7 will distribute a special dividend of €450 million to its shareholders immediately prior to the completion of the Proposed Combination.
Run-rate synergies are expected to be approximately €300 million on an annual basis.
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