Shearman & Sterling advised Marubeni Corporation, INCJ Ltd, and Mitsui O.S.K. Lines, Ltd (the Sellers) on entering into a share purchase agreement with a wholly owned subsidiary of Eneti Inc., pursuant to which the Sellers will sell the entire issued share capital in Atlantis Investorco Limited, the ultimate parent company of the shipping vessels group, Seajacks. The consideration for the disposal is being satisfied by the issuance of approximately 8.13 million shares in Eneti, $299 million of assumed net debt, $74 million of newly-issued redeemable notes and $12 million of cash. The transaction is expected to close by the end of August 2021, subject to the satisfaction of certain conditions. Upon closing, the Sellers will hold 42% of the entire issued share capital of Eneti.
Seajacks, headquartered in the UK, operates self-propelled jack-up vessels that provide safe and efficient offshore solutions all over the world.
Marubeni Corporation, headquartered in Tokyo, Japan, operates across a broad range of industries (including lifestyle, energy, metals & mineral resources), and as part of the wider Marubeni Group, provides internal and external investment and other advisory services to its portfolio companies and beyond.
INCJ, Ltd, headquartered in Tokyo, is a public-private partnership between the Japanese government and major Japanese corporations, that provides capital and managerial support to boost the competitiveness of Japanese firms and create next-generation businesses in promising new technologies.
Mitsui O.S.K. Lines, headquartered in Tokyo, Japan Ltd is a one of the world's largest transport companies, headquartered in Tokyo, Japan.