02 January 2024 – Expertise from Campbell Johnston Clark (CJC) in transactions governed by Marshall Islands law has been pivotal in completing Cadeler’s acquisition of fellow offshore wind turbine installation company Eneti.
A vote held at a special meeting of Eneti stockholders on December 29, 2023 completed the merger of Eneti and Cadeler subsidiary Wind MI Limited. The vote followed a December 15 share swap offer by Cadeler on the Oslo Stock Exchange which secured acceptance by 86.39% of Eneti shareholders. The merger allows Cadeler to acquire all remaining Eneti common stock.
CJC advised Cadeler on the Marshall Islands elements of the merger and corporate authorisations, in a transaction which creates the largest, most diversified and modern fleet of T&I wind turbine vessels in the industry. The combined group will be named Cadeler, headquartered in Denmark and listed on both the New York Stock Exchange and the Oslo Stock Exchange.
“We are delighted to have put the expertise of CJC’s Marshall Islands Advisory Team at Cadeler’s disposal throughout this transaction, in a demonstration of the firm’s growing focus on renewables,” said James Clayton, Director, CJC. “Our experience in this jurisdiction is extensive and we have been involved in a growing number of complex deals involving corporations of this nature.
“I’d like to acknowledge the strong efforts of the entire team, under the guidance of Marshall Islands counsel Alastair Macaulay, including the formidable contributions made by Simran Keightley and Rachael Opeagbe.”
About Campbell Johnston Clark:
Campbell Johnston Clark (CJC) is an international law firm founded in September 2010 specialising in shipping and international trade. CJC has undergone sizeable expansion in both numbers of solicitors and geographical spread since its opening. We have offices in London, Newcastle, Singapore and Miami with approximately 70 staff and consultants worldwide. We have firmly established our presence in the London and overseas shipping markets with clients and fellow practitioners alike.
We advise on all aspects of the shipping sector, from ship finance to dry shipping and comprehensive casualty handling, and everything that happens in between.