Boskalis trims stake in Fugro
Royal Boskalis Westminster has reduced its holding in Fugro to 9.38%.
The reduction was accomplished through a successful accelerated bookbuild through which 12,685,878 (15%) certificates of shares in Fugro were placed with institutional investors at EUR 14.50 ($15.42) per share. The bookbuild commenced on Dec. 12, after the closing of Euronext Amsterdam.
Boskalis CEO Peter Berdowski said: “Despite our conviction that parts ofFugro 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-day lock-up period during which it may not dispose of shares in Fugro, subject to the agreement with the transaction’s joint bookrunners, Kempen & Co and Goldman Sachs.