Boskalis Sells More Interest in Fugro
Royal Boskalis Westminster said it has reduced its holding in Fugro to 9.38 percent.
This is the second reduction of interest in Fugro this month by the Dutch dredging and marine specialist.
The new reduction was accomplished through a successful accelerated bookbuild via which 12,685,878 (15%) certificates of shares in Fugro (the Shares) were placed with institutional investors at EUR 14.50 per share. The bookbuild started on Monday December 12, after closing of Euronext Amsterdam.
Peter Berdowski, CEO of Boskalis, said: “During the presentation of the half year results, we indicated that we would reconsider our position in Fugro. Despite our conviction that parts of Fugro fit very well with Boskalis, we recently decided to sell down our Fugro holding in steps. This decision is on the one hand based on the uncertain market conditions which continue to prevail much longer than anticipated and on the other hand also the position of the Fugro management. Through the gradual sell down we have taken away uncertainty in our own share and we expect to create more value for our shareholders going forward.”
In relation to this transaction, Boskalis agreed to a 90 days lock-up period during which it may not dispose of shares in Fugro, subject to the agreement with the Joint Bookrunners.
Kempen & Co and Goldman Sachs acted as Joint Bookrunners for this transaction.