Japan: Marubeni, INCJ Complete Acquisition of Seajacks

Japan - Marubeni, INCJ Complete Acquisition of Seajacks

Marubeni Corporation (Marubeni) and Innovation Network of Japan (INCJ) have jointly completed a deal after closing the financing for the acquisition of Seajacks International Ltd. (Seajacks), whose purchase had been agreed upon with Riverstone Holdings LLC.

The finance was provided through a syndication consisting of six banks, the Development Bank of Japan, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, ING Bank N.V., Swedbank AB (publ), and Mizuho Corporate Bank, which acted as the global coordinator. This marks the first genuine LBO (leveraged buyout) financing to cover a cross border M&A of a European company by a Japanese enterprise.

Under this syndicate, which is a unique blend of financially strong Japanese mega-banks and European banks with maritime business-related financing expertise, we believe Seajacks will be able to voyage forth toward greater things.

The same syndicate is providing finance for Seajacks’ third offshore-wind installation and oil & gas service vessel named Zaratan, which is larger in size than first and second vessels of Seajacks, and she has been delivered in this month. Zaratan is already scheduled to be deployed to an offshore wind power construction site in Germany from September of this year. Seajacks will continue to invest in this industry to reinforce its firm position as a leading company in the rapid growing European off shore wind power industry.

Marubeni has a strong track record in the engineering, procurement and construction (EPC) of electric power plants, some 96,000MW in total, as well as holding power generation assets of 8,800MW, including offshore wind power. In addition, Marubeni provides power plant operation and maintenance services. The decision to complete this acquisition was made with a strong commitment to make Seajacks the top player in the industry in light of Marubeni’s accumulated knowledge and experience in this field.

This transaction is the very first full scale entry by a Japanese enterprise into the offshore wind power Installation business and Marubeni intends to look at and target other promising regions for offshore wind power including North America, Japan and Asia.

Source: Marubeni, May 25, 2012; Image: Seajacks

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