TechnipFMC is selling 16m shares in French engineering and technology company Technip Energies, representing around 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering.
Upon completion, the UK-based subsea giant would retain a direct stake of approximately 22% in Technip Energies.
TechnipFMC has agreed to a 60-day lock-up for its remaining shares in Technip Energies, subject to waiver from the joint global coordinators and certain other customary exceptions.
The placement is targeted at institutional investors and there will be no public offering in any country. The final terms of the placement should be announced on July 30 at the latest, with settlement expected to take place on or around August 3.
TechnipFMC completed a spin-off transaction to create two publicly traded companies, TechnipFMC and Technip Energies, in February of this year. The latter targets energy transition plays in LNG, hydrogen, sustainable chemistry, biofuels, and CO2 management/decarbonisation, in addition to other solutions.