Boskalis Gives Up on Fugro
- Business & Finance
The Dutch dredging and marine specialist Boskalis has sold all of its remaining share in Fugro.
Boskalis started divesting its holding in the Dutch provider of geotechnical, survey, subsea and geosciences services in December last year.
In the last two years, Boskalis had gradually increased its stake in Fugro and came close to owning 30 percent of the company, which was characterized as unsolicited stake building.
Fugro has seen its total revenue decreased by 23 percent on a currency comparable basis from €2.36 billion in 2015 to €1.77 million. The company ended the year 2016 with a loss of €309 million ($327 million) or €3.82 per diluted share, compared to some €372 million ($394 million) or €4.60 loss in 2015.
The reduction was accomplished through a successful accelerated bookbuild via which 9.38% shares were placed with institutional investors at EUR 14.50 per share. The bookbuild started on 28 February 2017 after closing of Euronext Amsterdam.
As with the two previous transactions, Kempen & Co and Goldman Sachs acted as Joint Bookrunners.
Subsea World News Staff