Subsea 7, Acergy merger clears more regulatory hurdles, completion anticipated

Source: Subsea 7

Subsea 7 (LON:OMHK) has been granted anti-trust clearance from the relevant US and Norwegian authorities regarding its merger with Acergy (Nasdaq:ACGY)

On August 9, 2010, Subsea 7 Inc. and Acergy S.A. submitted their respective applications to the US Federal Trade Commission, Bureau of Competition and the Anti-Trust Division of the US Department of Justice. On September 8, 2010, the waiting period in connection with the application was terminated, at which point the Combination was cleared by the US authorities.

On September 6, 2010, Subsea 7 Inc. and Acergy S.A. submitted a notification to the Norwegian Competition Authority. On September 28, 2010, unconditional clearance was issued.

Completion is currently anticipated for January 2011 subject to shareholder approvals and other customary completion conditions, as outlined in the Information Circular dated September 22, 2010.

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