Boskalis to Acquire 90 Percent of Dockwise Shares

Boskalis to Acquire 90 Percent of Dockwise Shares

Boskalis, the Dutch dredging and marine services group, yesterday acquired 182,654 shares in Dutch sea transporter Dockwise. All shares were acquired through Euronext Amsterdam and were purchased at an average price of 18.50 euros (about US$25.12).

Boskalis, which now owns 40 percent of Dockwise’s shares, said that the most recent aquisition, together with irrevocable commitments already obtained, bring the total shares of Dockwise acquired by or committed to Boskalis to more than 90 percent.

Boskalis also closed debt financing for the intended takeover earlier in the day. Boskalis signed the agreements for the $1.8 billion financing required for the acquisition of Dockwise, having previously entered into a bridge credit facility of $525 million with Rabobank and The Royal Bank of Scotland, and issued new equity earlier in January of $435 million.

The entire package will be used for financing the acquisition of Dockwise, as well as the refinancing and replacement of certain existing Boskalis and Dockwise debt facilities. The financing will provide “sufficient room” for the new combination to undertake future investments, the company said in a written statement.