Smit Merges with Boskalis

12 November 2009 (Last Updated November 12th, 2009 18:30)

Dutch dredging group Royal Boskalis Westminster has announced a merger agreement with Smit Internationale. The deal, worth €1.1bn, means Boskalis will pay €60 per share in cash for all outstanding shares of Smit. Boskalis chief executive Peter Berdowski said the value of the

Dutch dredging group Royal Boskalis Westminster has announced a merger agreement with Smit Internationale.

The deal, worth €1.1bn, means Boskalis will pay €60 per share in cash for all outstanding shares of Smit.

Boskalis chief executive Peter Berdowski said the value of the agreement excludes €250m in debt and includes a 25% stake in Smit that Boskalis already holds.

“Excluding the Boskalis stake, the remaining purchase price would come to about €825m” Berdowski said.

The deal is expected to be complete in the first half of 2010.