Italian oil services company Saipem said on February 23 that it will merge with Norwegian rival Subsea 7 in a deal valued at about $4.63 billion, “Caspian Energy Media” reports via Reuters.
Subsea7 shareholders will receive 6.688 Saipem shares for each share they hold, the companies said in a statement.
The combined company, to be renamed Saipem7, will have a "combined backlog" of 43 billion euros ($45 billion), revenue of about 20 billion euros and EBITDA over 2 billion euros, they said.
