Saipem and Subsea7 Merger Proposal Clears US Antitrust Review

Italian energy services firm Saipem announced Friday that its proposed merger with Norwegian competitor Subsea7 has cleared a significant U.S. regulatory hurdle. The deal can now move forward in the United States, marking a key step in the potential combination of two major subsea engineering and construction companies.

The Regulatory Green Light

According to Saipem, the mandatory waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act has expired. The HSR Act requires companies to file notifications with the Federal Trade Commission and the Department of Justice for certain large mergers and acquisitions, allowing the agencies time to review potential antitrust issues.

The expiration of this period effectively constitutes clearance from U.S. authorities, removing a major obstacle for the proposed transaction within the American market.

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Next Steps and Global Approvals

While the U.S. clearance is a critical milestone, the merger is not yet finalized. Saipem noted that the transaction remains subject to necessary regulatory approvals from authorities in other jurisdictions outside the United States.

The companies have not yet publicly detailed the timeline or the specific international bodies from which they still require consent. The successful completion of the merger hinges on securing these remaining approvals.