The Prysmian Group and General Cable Corporation announced that they have gotten approval from the Committee on Foreign Investment in the United States (CFIUS) for Prysmian to acquire the U.S.-based company.
A press release said that the CFIUS represents the last official approval needed for the $3 billion acquisition. The closing is set for June 6, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement between the parties.
Norddeutsche Seekabelwerke (NSW), a subsidiary of General Cable, has been contracted by Van Oord, an international marine contractor, to design, manufacture and deliver inter-array cables for Deutsche Bucht offshore wind farm.
Per a report in subsea world news, the NSW will deliver 45 km of medium-voltage submarine power cables for the Deutsche Bucht, which is owned by Northland Power. Delivery of the submarine cables is scheduled for spring of 2019, the company said.
Van Oord will deploy its offshore installation vessel Aeolus and cable-laying vessel Nexus for the installation works. The Deutsche Bucht offshore wind farm is located in the North Sea, approximately 95 km north-west of the island of Borkum. It includes 31 MHI Vestas Offshore Wind 164-8.0 MW (8.4 MW Power Mode) turbines, which will generate a total output of 252 MW..
The Prysmian Group announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act that applies to its proposed acquisition of General Cable Corporation has expired, clearing a key step in the process.
A press release said that as a result of the above-cited requirement, the transaction has been cleared for U.S. antitrust purposes. The transaction remains subject to other regulatory approvals and customary conditions.