The sale of Royal IHC’s subsidiary IQIP Holding to HAL Investments, an Amsterdam-listed company, has been agreed.
In the market for offshore wind, IQIP is the global leader in foundations and installations. Under the transaction, HAL receives a 100% ownership stake in IQIP Holding B.V.
This is a crucial step for Royal IHC in the financial reorganization of the business because it will improve Royal IHC‘s own balance sheet and enable a major portion of the existing credit and guarantee lines with the current bank consortia to be repaid in advance.
The action is a part of the financial restructuring plan for Royal IHC, which was recently approved by a judge.
Jan-Pieter Klaver, CEO Royal IHC: “The sale of IQIP to HAL creates more financial space for both Royal IHC and IQIP. The direct proceeds from the IQIP shares will mainly be used to reduce borrowings and improve Royal IHC’s liquidity.”
Image source: Royal IHC
