EC OKs Boskalis’ Acquisition of VolkerWessels’ Offshore Businesses
The European Commission has approved the acquisition of VolkerWessels Offshore by Boskalis.
The Commission concluded that the proposed acquisition would raise no competition concerns, because it would not significantly change the market structure.
A Letter of Intent (LoI) to acquire offshore activities from VolkerWessels was announced in March this year.
VolkerWessels Offshore comprises three businesses, namely Stemat Holding, Volker Stevin International Holding, and VBMS Holding.
VBMS is a 50/50 Boskalis – VolkerWessels joint venture. As a consequence of this transaction, Boskalis will acquire the remaining 50% share in VBMS.
Stemat offers specialized vessels including a cable laying vessel and multi-purpose vessels. Late 2014 and mid-2015, Boskalis and VSI in joint venture acquired two offshore wind park projects, Wikinger and Veja Mate respectively. As a consequence of this transaction, Boskalis will execute these two projects on a 100% basis.