Keppel Corp signs definitive agreements with SembMarine for proposed merger with Keppel O&M

Felicia Tan
Felicia Tan4/27/2022 08:42 AM GMT+08  • 6 min read
Keppel Corp signs definitive agreements with SembMarine for proposed merger with Keppel O&M
The proposed transactions under the terms of the agreements will allow Keppel to realise some $9.42 billion in value. Photo: SembMarine
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Keppel Corporation has entered into definitive agreements with Sembcorp Marine (SembMarine) for the proposed combination of Keppel Offshore & Marine (Keppel O&M) and SembMarine on April 27.

Keppel Corp and SembMarine had previously stated that they would have a definitive agreement ready by April 30.

After taking into account the respective capital structures of the two companies, the $500 million cash that Keppel O&M will pay to Keppel immediately prior to the closing of the transaction and other adjustments, the agreed equity value exchange ratio will result in Keppel and its shareholders owning 56% of the Combined Entity and Sembcorp Marine shareholders owning 44% on completion.

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