Dutch dredging and marine services group Boskalis has secured the necessary finance to fund its planned takeover of Dockwise, the Netherlands-based heavy-lift shipping company.
The offer values Dockwise at 733 million euros ($953 million) with an enterprise value of approximately 1.25 billion euros ($1.6 billion).
Boskalis said it has arranged loans totalling $1.7 billion from Dutch and U.K. banks to finance the equity portion of its takeover offer.
The Amsterdam-listed company will hold an extraordinary shareholders meeting on Jan. 10 to secure approval to issue up to 10 percent of new equity to finance the Dockwise acquisition.
Boskalis said it expects the offer to commence in the week starting Jan. 21.
Dockwise, which is listed in Amsterdam and Oslo, acquired Norwegian rival Fairstar in 2012. It has a fleet of 25 semisubmersible vessels, including the world’s biggest heavy-lift ship with a 110,000- ton capacity, and generated revenue of $520 million in 2011.
Boskalis posted sales of $3.7 billion in 2011.