M&A · Industrials · Deep Sea Foreign Transportation of Freight
Cadeler A/S to acquire Eneti Inc.
Announced Nov 7, 2023 · Closed Dec 29, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- Cadeler A/S (CDLR)
- Target
- Eneti Inc. (NETI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 29, 2023
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- Not disclosed
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $15.0M
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- Sector median 47.5%
- EV / Adj. EBITDA
- Sector median 10.7x
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedNov 7, 2023
- Tender offerNov 7, 2023
- ClosedDec 29, 2023
Valuation · fairness opinions
Discounted cash flow$22.91$32.27
Discounted cash flow$12.84$20.27
Future share price$14.13$21.18
Future share price$7.63$10.92
Implied value per Eneti Inc. share by analysis, from Perella Weinberg · DCF discount rate 10%–11.5%.