TechnipFMC is selling 7.6 million Technip Energies shares through a private sale transaction with HAL Investments, the Dutch investment subsidiary of HAL Holding.
The sale price of the shares in the sale is set at €11.15 per share, yielding total gross proceeds of €196.2 million.
Upon completion of the sale, TechnipFMC retains a direct stake of approximately 12.3% of Technip Energies’ share capital.
The settlement will take place in two tranches. HAL will first acquire 8.6 million shares, with the settlement expected to take place in the coming days. Settlement for the remaining 9 million shares is subject to the company obtaining customary regulatory approvals and is expected early in the fourth quarter of 2021.
HAL has agreed to a lock-up of 180 days for its shares in Technip Energies.
In addition, TechnipFMC is subject to a 60-day lock-up for its remaining shares that expires on 2 October, subject to waiver from the Joint Global Coordinators involved in the previous private placement and certain other customary exceptions.
To remind, TechnipFMC and Technip Energies were separated into two independent, publicly traded companies in February, with TechnipFMC moving forward in two business segments – Subsea and Surface Technologies.
Shortly after, Technip Energies agreed to buy €20 million equivalent of its own shares from TechnipFMC.