Saipem, Subsea7 Clear Key US Regulatory Merger Hurdle

Saipem and Subsea7 have cleared a key U.S. regulatory hurdle for their planned merger after the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 expired, allowing the transaction to close in the United States once all remaining conditions are met.

The companies said all applicable waiting periods under the U.S. antitrust law have expired, while noting that the proposed merger remains subject to certain regulatory approvals outside the United States.

The merger was agreed under a binding agreement signed in July 2025, following a memorandum of understanding announced earlier that year. Completion is anticipated in the second half of 2026, subject to the remaining approvals.

Once completed, the combined company will operate under the name Saipem7. According to the companies' earlier plans, it will have a combined backlog exceeding $50 billion, annual revenue of approximately $24.6 billion, EBITDA of more than $2.3 billion and free cash flow exceeding $930 million.

The transaction will be implemented through an EU cross-border statutory merger, with Subsea7 being absorbed into Saipem. The combined company will remain incorporated