Cadeler A/S (NYSE:CLDR) shares lost ground Tuesday. The company, a leading offshore wind installation contractor and operator of the industry’s largest fleet of jack-up wind installation vessels, today announces its strategic acquisition of Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation.
The acquisition strengthens Cadeler’s offshore wind installation capabilities and furthers the company’s ambition to be the preferred installation partner for the offshore wind industry. Cadeler intends to continue operating Menck as a standalone business, preserving its independent market position while strengthening its role as a key supply chain provider across the offshore wind industry.
The transaction is based on an agreed enterprise valuation equivalent to EUR 501 million,with signing and closing completed simultaneously following receipt of all mandatory regulatory approvals.
Today’s acquisition marks a step-change in the development of Cadeler's offshore foundation transportation and installation (T&I), with a broadened solutions offering that will enable Cadeler to deliver a complete and integrated approach to project execution. Combining Menck's specialist technology and decades of engineering experience (including more than 50 million data points on driven piles) with Cadeler’s industry-leading fleet of heavy-lift wind installation vessels and deep industry relationships, Cadeler will be well positioned to support customers across the installation value chain.
CDLR shares slid 35 cents in price to $23.46.
