CADE Approves Subsea 7 and Saipem Combination

Brazil’s competition authority, CADE, approved the proposed combination of Subsea 7 and Saipem to form Saipem7, subject to a Merger Control Agreement requiring the companies to divest the vessel Seven Borealis. The companies said the divestiture is not expected to materially affect the merger’s strategic rationale or previously announced synergies. They will continue working with authorities to meet the remaining conditions needed to complete the transaction.