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Offshore wind installations depend on machines called hydraulic impact hammers, devices that drive steel foundation piles into the seabed so turbines have something to stand on.
Cadeler, the Danish jack-up vessel operator, just paid €501m ($578.1m) to buy Menck, the German firm that builds them. Acteon, a UK-based offshore energy services firm, was the seller.
Cadeler funded the acquisition from existing liquidity and a €380m facility arranged jointly by DNB Bank and Coöperatieve Rabobank, and said it intends to replace that facility with longer-term financing and operational cash flow.
What Menck actually makes Menck's business is fixed-bottom offshore foundations.
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