Saipem and Subsea7 Merger Clears Key US Antitrust Hurdle

Saipem and its Norwegian competitor Subsea7 have cleared a key U.S. regulatory hurdle for their proposed merger, bringing the creation of a major new player in the subsea energy services sector one step closer. The companies can now complete their transaction in the U.S. after the mandatory antitrust waiting period expired.

U.S. Regulatory Clearance

In a statement on Friday, July 31, Saipem confirmed that the applicable waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act had concluded. This expiration effectively serves as the green light from U.S. antitrust authorities for the combination to proceed.

The HSR Act requires parties in large mergers to file details of the transaction with the Federal Trade Commission and the Department of Justice. The agencies then have a statutory period to review the deal for potential anti-competitive effects before it can be closed.

Ad

Next Steps for the Deal

While the U.S. clearance is a significant milestone, the merger is not yet finalized. Saipem noted that the transaction remains subject to securing regulatory approvals in other jurisdictions.

The companies have not publicly detailed which other countries' regulators must still approve the transaction or an expected timeline for the deal's final closing. The successful combination would merge two major global players in subsea engineering and construction for the energy industry.