Eni in Cross-Border Merger of Subsea7 Into Saipem

Cleary is representing Eni, the controlling shareholder of Saipem together with CDP Equity, in the announced cross-border merger of Subsea7, a multinational service company engaged in subsea engineering and construction serving the offshore energy industry,  into Saipem, a global leader in engineering services for the design, construction and operation of complex infrastructures and plants in the energy sector, both offshore and onshore.

Eni and CDP Equity have signed a memorandum of understanding with Siem Industries, the largest shareholder of Subsea7, aimed at defining, among other things, their commitment to provide full support to the transaction, as well as the principles that will govern the corporate governance of the acquiring company, Saipem, within the framework of the shareholders’ agreement that will be signed between the three parties.