Saipem and Subsea7 Merger Proposal Clears US Antitrust Review

Italian energy services contractor Saipem (BIT:SPMI) announced on Friday that its proposed combination with Norwegian competitor Subsea7 (OSE:SUBC) has cleared a significant U.S. regulatory hurdle. The waiting period required under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act has expired, removing a key potential obstacle for the transaction in the United States.

A Key Milestone

The expiration of the HSR waiting period signifies that U.S. antitrust authorities have completed their initial review and will not, at this stage, challenge the merger on anti-competitive grounds. This development allows the two major offshore energy service providers to proceed with the necessary steps to complete their combination within the U.S. market.

For investors, this clearance reduces the regulatory uncertainty surrounding the deal. The HSR Act requires companies to file notice of large transactions with the Federal Trade Commission and the Department of Justice, which then have a set period to review for potential impacts on market competition.

Ad

International Approvals Still Pending

While the U.S. clearance is a crucial step forward, Saipem noted that the merger is not yet finalized. The transaction remains contingent on securing necessary regulatory approvals in other jurisdictions outside of the United States.

The company did not specify which other countries' approvals are required or provide a timeline for completion. Mergers of this scale in the global energy sector typically require review from multiple international competition authorities before they can be formally closed.